(Bloomberg) -- Chinese fruit tea chain ChaBaiDao is considering a Hong Kong initial public offering that could raise about $500 million, people with knowledge of the matter said.
The Chengdu-based beverage retailer has asked investment banks for proposals on the potential listing, said the people, who asked not to be identified as the information is private. The company could seek to go public as soon as next year, the people said.
Deliberations are at an early stage and details such as timing and fundraising size may change, said the people. ChaBaiDao did not immediately respond to phone calls seeking comment.
Several Chinese tea chains are considering listing in Hong Kong after bubble tea chain Nayuki Holdings Ltd.'s market debut which raised $656 million in June. Chinese ice cream and tea chain Mixue Bingcheng Co. is weighing a share sale as soon as next year, Bloomberg News reported this week.
Founded in 2008, ChaBaiDao currently operates more than 3,000 outlets, including franchised ones, selling fresh fruit tea and milk tea across China, according to its website. The brand is targeted toward young women in cities.
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