Chagee Holdings, which owns and franchises teahouses in China and internationally, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
CHAGEE is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks. As of December 31, 2024, its CHAGEE brand encompasses a network of 6,440 teahouses, including 6,284 teahouses covering 32 out of 34 province-level divisions across China and 156 teahouses overseas. Of its teahouse network, 6,271 are franchised and 169 are company-owned. The company directly manages a total of 398 teahouses, including all of its company-owned teahouses and 229 franchised teahouses.
The Shanghai, China-based company was founded in 2017 and booked $1.7 billion in sales for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol CHA. Chagee Holdings filed confidentially on March 6, 2024. Citi, Morgan Stanley, Deutsche Bank, and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
