Chinese milk tea giant Chagee is targeting a $5.1 billion valuation in its upcoming Nasdaq IPO, despite turbulent market conditions.
The brand plans to raise up to $411 million by offering 14.7 million American depositary shares priced between $26 and $28.
Founded in 2017, Chagee has rapidly expanded from Yunnan province to over 6,000 teahouses worldwide, with 2024 sales hitting $4.03 billion.
Known for its raw-leaf fresh milk tea, the company now eyes global expansion across 100 countries and aims to sell 15 billion servings annually.
While U.S.–China trade tensions continue, Chagee said cross-border trade isn’t central to its business since all products are made in China. IPO proceeds will support growth both domestically and overseas. Shares will trade under the ticker “CHA”.
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