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ByteDance supported Manner Coffee for Hong Kong listing

Manner now has 137 branches in Shanghai and 14 additional branches in Beijing, Suzhou, Chengdu and Shenzhen. Photo: Wang Yadong / Visual China Group via Getty

Manner Coffee, a Shanghai café chain supported by ByteDance, is considering an initial public offering (IPO) in Hong Kong as early as next year.

According to Bloomberg, quoting people familiar with the matter, the listing could potentially raise at least $ 300 million (£ 220 million).

Founded as a roadside coffee stand in 2015, the Chinese company has held talks with investment banks to explore its IPO.

Discussions are reportedly in the early stages and the timing and details of the stock sales may change, the news agency said.

Watch: IPO mania continues

In 2019 Manner began to expand aggressively, opening more stores in Shanghai as well as other cities. The brand now has 137 stores in Shanghai and 14 other stores in Beijing, Suzhou, Chengdu and Shenzhen.

It offers cheaper prices than competitors like Starbucks (SBUX) or Costa and is also supported by a venture arm of the grocery company Meituan (3690.HK).

It is one of several Chinese beverage companies that wants to be listed on Hang Seng (^ HSI). Heytea has selected UBS Group (UBS) for a possible market debut in the city next year, Gu Ming and Lelecha are also considering separate IPOs.

Famous for its cheese foam teas, Heytea is backed by Hillhouse, IDG and Sequoia China and could raise at least $ 500 million on its IPO.

Continue reading: IPO Watch: French cloud computing company OVHcloud is listed in Paris

The news comes as the number of publicly traded listings worldwide this year surpassed all IPO activity in 2020.

According to new data from EY, global volumes are up 87% and revenues are up 99% year over year.

The final quarter of 2021 was the most active third quarter in terms of transaction count and revenue in the past 20 years. The third quarter closed 18% more deals than the previous third quarter record set in 2007 and 11% more revenue than the last record quarter of the third quarter in 2020.

The IPO market continued to boom as the global economy recovered from the coronavirus pandemic, with more than 1,600 listings total this year and revenues of over $ 330.7 billion.

The story goes on

At the regional level, Europe, the Middle East, India and Africa (EMEIA) outperformed the Americas and Asia Pacific (APAC), up nearly 500 IPOs since the start of the year.

Watch: What are SPACs?

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