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Sichuan Baicha Baidao eyes raising $2.46b through largest IPO yet in 2024

Half of the proceeds will be used to fund the improvement of the Chinese tea giant’s operations and supply chain.

Sichuan Baicha Baidao Industrial announced it expects to raise $2.46b through its initial public offering, which is considered to be the largest for the year.

The company said this is equivalent to the sale of 147.7 million shares priced at $17.50 apiece.

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Around 51%, or $1.25b, will be allocated to improve Sichuan Baicha Baidao’s overall operation capabilities and strengthen its supply chain.

Another significant portion, or 20%, will be for developing digitalization capabilities, and engaging and training professional talents, the company said.

Proceeds from the IPO will be also used for branding and promoting activities (12%), promoting its coffee brand and developing the network in China (5%), product development and innovation (2%), and working capital and general corporate purposes (10%). 

Sichuan Baicha Baidao’s shares will start trading on the Hong Kong Stock Exchange on 23 April.

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