Bubble tea IPO pulls in $778m on first day

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GoodMe has stores across China.
GoodMe has stores across China.

Staff reporter

Chinese bubble tea chain Gu Ming's initial public offering opened yesterday in Hong Kong and pulled in least HK$778 million from local investors, making the retail tranche nearly five times oversubscribed.

Gu Ming is offering shares in a price range between HK$8.68 and HK$9.94, with a minimum investment of HK$4,016.10 per lot for 400 shares, and plans to raise up to HK$1.58 billion in the IPO.

It has introduced a number of cornerstone investors, including Huang River Investment, which is wholly owned by Tencent (0700), and LVC, a private equity firm that invests in NetEase Cloud Music (9899).

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