Chagee Holdings, which owns and franchises teahouses in China, raised $411 million by offering 14.7 million shares at $28, the high end of the range of $26 to $28.
CHAGEE is a leading premium tea drinks brand, serving freshly-made tea, tea lattes, tea frappes and "teappuccinos." As of December 31, 2024, its CHAGEE brand encompassed a network of 6,440 teahouses, including 6,284 teahouses across China and 156 teahouses overseas. Of its teahouse network, 6,271 are franchised and 169 are company-owned. In 2024, its average number of cups sold per teahouse per month in China was 25,099 (+5% y/y), and average monthly GMV of its teahouses in China was about $70 thousand (+6% y/y).
Chagee Holdings plans to list on the Nasdaq under the symbol CHA. Citi, Morgan Stanley, Deutsche Bank, and CICC acted as joint bookrunners on the deal.
