Chinese bubble tea chain Naixue seeks $400m in US IPO

Photo by Rosalind Chang on Unsplash

Naixue’s Tea, one of the biggest bubble tea chains in China, is considering an initial public offering in the U.S. that could raise as much as $400 million, according to people familiar with the matter.

The company, also known as Nayuki, is working with advisers on the potential first-time share sale that could take place as soon as this year, said the people, who asked not to be identified as the discussions are private. Details of the offering including timeline, size and listing venue could change as the novel coronavirus outbreak is weighing on market sentiment, the people said.

Naixue, started by Shenzhen Pindao Restaurant Management Co. in 2010, has more than 230 stores across China, according to its website. The chain sells fresh-fruit tea — some with cheese foam on the top — as well as cold brew tea and baked goods. HEYTEA, another popular bubble tea chain, is among its biggest rivals in the country.

A representative for Shenzhen Pindao didn’t immediately respond to requests for comment.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.