Tencent-backed retailer Miniso raises US$608m in US IPO

[HONG KONG] Miniso Group Holding, the Chinese budget household and consumer goods retailer, raised US$608 million in a US initial public offering priced above a marketed range.

The company on Wednesday sold 30.4 million American depositary shares for US$20 each after marketing them for US$16.50 to US$18.50, according to terms of the deal obtained by Bloomberg News.

The company's backers include Tencent Holdings, according to its filings with the US Securities and Exchange Commission. Each depositary share will represent four ordinary shares.

The listing follows 33 others on US exchanges this year by companies based in China and Hong Kong that raised a combined US$9.74 billion, according to data compiled by Bloomberg. Despite the coronavirus pandemic, that's more than double last year's total of about US$4 billion raised in 35 listings.

The offering is being led by Goldman Sachs Group and Bank of America. The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol MNSO.

BLOOMBERG