Hong Kong Milk Tea Princess (CHA.US) plans to IPO with a offering price of 26-28 US dollars per share, raising a total of 396 million US dollars.

Chinese milk tea chain brand Cha House (CHA.US) announced its IPO terms, with the company planning to issue 14.7 million shares of stock, raising $396 million, at an offering price range of $26 to $28 per share. Cornerstone investors have indicated they will hold up to 52% of the shares in the deal. Based on the midpoint of the proposed offering price range, Cha House's fully diluted market value will reach $5.2 billion. As of December 31, 2024, the Cha House brand had 6,440 stores, including 6,284 in China and 156 overseas. Of these, 6,271 are franchised stores and 169 are company-owned. In 2024, the average number of cups sold per store per month in China was 25,099 (a 5% year-over-year increase), with average monthly GMV per store in China of approximately $70,000 (a 6% year-over-year increase). Cha House recorded $1.7 billion in sales for the twelve months ending December 31, 2024. The company plans to list on Nasdaq under the ticker symbol CHA, with Citigroup, Morgan Stanley, Deutsche Bank, and CICC serving as joint bookrunners for the transaction. Pricing is expected to take place during the week of April 14, 2025.