Chinese tea firm Chagee has raised US$411 million by setting the price of its shares at US$28 each in its New York initial public offering (IPO), according to two sources with direct knowledge of the matter.
The sources could not be identified discussing confidential information. Chagee did not immediately respond to a request for comment.
Chagee launched the deal last week as financial markets grappled with the prospect of a global trade war resulting from US President Donald Trump’s tariffs package.
The deal comes as Chinese companies listed on US stock exchanges could face the prospect of being delisted as part of the US response to tensions with China. US Treasury Secretary Scott Bessent last week did not rule out removing Chinese stocks from US exchanges, adding that all options were on the table.
The final price for the 14.7 million American depository shares sold was at the top of the US$26 to US$28 per share range flagged to investors when the deal was launched. At that price, Chagee will be valued at US$5.1 billion, according to its regulatory filings.
Cornerstone investors subscribed for Chagee’s shares worth up to US$205 million in the IPO, filings showed.
