Fast Expanding Budget Milk Tea Chain Mixue Brews 6.5 Billion Yuan Shenzhen IPO

Chinese ice cream and tea franchise Mixue Bingcheng Co. Ltd. has applied for an IPO on Shenzhen’s main board in which it aims to raise about 6.5 billion yuan ($918 million).

Mixue — whose 21,000 milk tea shops hold about 7% of the nationwide market — plans to use the IPO proceeds to build production lines and logistics centers as well as increasing its liquidity, according to its prospectus published on Thursday.