Chinese ice cream and tea franchise Mixue Bingcheng has applied for an IPO on Shenzhen’s main board in which it aims to raise about RMB 6.5 billion ($918 million), reports Caixin.
Mixue—whose 21,000 milk teach 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.