Bobba tea maker Auntea Jenny eyes up to HK$273 million in Hong Kong IPO amid tea brand boom

Chinese tea chain Auntea Jenny is set to debut on the Hong Kong Stock Exchange on May 3, becoming another milk tea brand to go public in nearly two months. The company plans to issue 2.41 million H-shares priced at HKD 95.57 – 13.12( $12.20 – 14.45), aiming to raise between HKD 230–273 million ($29 – 35 million), with a post-listing valuation of HKD 10 – 11.8 billion ($1.28 – 1.51 billion).

The IPO pricing ranks just below Mixue, outpacing other competitors like Guming and ChaPanda. Despite a relatively small fundraising target, strong investor interest has driven the IPO to a 3,339.5x oversubscription, with total bids exceeding HKD 91.1 billion ($11.65 billion).

From 2022 to 2024, Auntea Jenny expanded its store network from 5,307 to 9,176, with gross merchandise value (GMV) growing to RMB 10.7 billion ($1.48 billion). Still, growth has recently slowed. To counter rising competition, the company is launching lower-tier sub-brands and tea-coffee hybrids, betting on China’s underserved smaller cities for long-term expansion. [cls, in Chinese]