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Investing.com -- Chagee Holdings Limited, a prominent premium tea drinks brand, started trading its shares on the Nasdaq Global Select Market today. The company, known for its healthy and freshly-made tea beverages, had earlier priced its initial public offering (IPO) at $28.00 per American Depositary Share (ADS). Upon opening, the shares began trading at a higher price of $33.75 per share.
In the IPO, Chagee offered 14,683,991 ADSs, each representing one Class A ordinary share of the company. The gross proceeds from this offering, before deductions for underwriting discounts, commissions, and other expenses, are projected to be around $411.2 million.
Chagee has also provided the underwriters with a 30-day option to acquire an additional 2,202,598 ADSs at the initial public offering price, after accounting for underwriting discounts and commissions. This option is intended to cover any over-allotments that may occur.
The underwriters for this transaction are Citigroup (NYSE:C) Global Markets Inc., Morgan Stanley (NYSE:MS) Asia Limited, and Deutsche Bank AG (ETR:DBKGn), Hong Kong Branch. The shares of Chagee are now available for trading under the ticker symbol "CHA".
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