Tencent-backed Miniso Group looks to raise up to $562.4 million in IPO

The logo of Chinese low-cost lifestyle and consumer products retailer Miniso is pictured in Tokyo, Japan

Retailer Miniso Group Holding Ltd, which is backed by Tencent Holdings Ltd 0700.HK, is looking to raise up to $562.4 million in its initial public offering in the U.S., a regulatory filing showed on Wednesday.

The China-based company said it would sell 30.4 million American Depositary Shares priced between $16.50 and $18.50 per ADS. Each ADS would represent four of Class A ordinary shares.

At the top end of the range, Miniso would be valued at $10.18 billion.

Miniso’s plans to go public come on the heels of numerous blockbuster IPOs this year, including those of Palantir Technologies PLTR.N and Snowflake SNOW.N in recent weeks.

A number of Chinese companies, which have debuted in U.S. stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings BEKE.N, which owns real estate brokerage brand Lianjia and housing transactions platform Beike, sold over $2 billion worth of shares after its IPO was priced above range.

Companies have raised more than $100 billion in U.S. IPOs so far in 2020, comfortably outpacing a $62.5 billion haul for all of 2019, and on track to be the biggest year since 2000, according to data from Dealogic.

Entities affiliated with Tencent would own 4.8% of Miniso’s stock after the offering, the filing showed.

Goldman Sachs and BofA Securities are the underwriters for the offering.

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