China's largest bubble tea and drinks firm, Mixue Group, is seeking to raise HK$3.45 billion ($443.66 million) in a Hong Kong initial public offering, a regulatory filing showed on Friday. The company started bookbuilding on Friday for its sale of 17.

Mixue Group, which operates China’s largest bubble-tea chain, is planning to raise HK$3.45 billion ($444 million) in an initial public offering in Hong Kong.

The company is offering 17.06 million shares at HK$202.50 apiece, with an option to increase the number of shares depending on demand.

Guming says it targets smaller cities where bubble tea is not as readily available and growth outpaces that of megacities. Read more at straitstimes.com.

Yun'an Wang started his journey with one small bubble tea shop that he opened in his hometown. Today, his tea chain has over 10,000 shops.

Guming Holdings’ US$233 million Hong Kong initial public offering (IPO) bolstered the value of the stake owned by its millennial founder, Yun’an Wang, to US$1.2 billion, according to the Bloomberg Billionaires Index. Shares were sold at HK$9.94 each in the IPO.

Chinas largest bubble tea and beverage brand, Mixue Group, is set to raise HK$3.45 billion ($443.66 million) through an initial public offering (IPO) in Hong Kong, according to a regulatory filing on Friday.