Miniso Group Holding Ltd. rose 4.4% in its trading debut after its $608 million U.S. initial public offering exceeded the goals of the Chinese budget household and consumer goods retailer.
The company’s American depositary shares closed at $20.88 Thursday in New York trading, giving the company a market value of $6.35 billion.
Miniso sold 30.4 million shares for $20 each on Wednesday after marketing them for $16.50 to $18.50.
The company’s backers include Tencent Holdings Ltd., according to its filings with the U.S. Securities and Exchange Commission. Each depositary share will represent four ordinary shares.
The listing followed 33 others on U.S. exchanges this year by companies based in China and Hong Kong that raised a combined $9.74 billion, according to data compiled by Bloomberg. Despite the coronavirus pandemic, that’s more than double last year’s total of about $4 billion raised in 35 listings.
The offering was led by Goldman Sachs Group Inc. and Bank of America Corp. The shares are trading Thursday on the New York Stock Exchange under the symbol MNSO.