Chinese tea firm Chagee set to soar in Nasdaq debut after $411 million IPO
ReutersApr 17, 2025 2:45 PM
Chinese tea firm Chagee's CHA.O shares likely to open 25% above offer price in its Nasdaq debut
Stock recently indicated to open at $35 versus $28 IPO price
Shanghai-based CHA sold ~14.7 million American depositary shares at the top end of its marketed range of $26 to $28 apiece to raise $411.2 million
Listing marks first notable U.S. IPO since President Donald Trump unveiled sweeping tariffs earlier this month
At the IPO price, Chagee fetched a valuation of $5.1 billion
Citigroup, Morgan Stanley, Deutsche Bank and CICC were the lead underwriters
Founded in 2017, Chagee is a premium tea drinks brand with 6,681 teahouses worldwide at March end
Cornerstone investors subscribed to Chagee's shares worth up to $205 million
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