Chagee Prices US IPO at $28 per ADS, Seeks to Raise $411 Million

MT Newswires Live04-17

Chagee (CHA) said Thursday it priced its U.S. initial public offering of nearly 14.7 million American Depositary Shares at $28 per share and expects around $411.2 million in gross proceeds.

Each ADS represents one Class A ordinary share.

The company has granted underwriters Citigroup Global Markets, Morgan Stanley Asia, and Deutsche Bank a 30-day option to buy up to 2.2 million additional shares at the initial public offering price, minus underwriting discounts and commissions, to cover over-allotments.

The ADSs are expected to begin trading Thursday on the Nasdaq under the ticker symbol CHA, with the offering expected to close on April 21.

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