Business Maverick: Tencent-Backed Retailer Miniso Raises $608 Million in US IPO

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

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

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