Chinese discount chain Miniso sells upscale IPO

RYOHIN KEIKAKU

14/10/2020 04:04

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Sharon Lam
    HONG KONG, Oct 14 (Reuters Breakingviews) - Now more than
ever consumers should be attracted to the retailer’s
fast-changing inventory of cheap-and-cheerful items. Overseas
growth also looks promising despite the pandemic hit. A
potential $5.7 billion valuation, however, would put a luxury
price on designer dollar stores.   
    Full view will be published shortly.
    On Twitter https://twitter.com/sharonlamhk
    
    CONTEXT NEWS
    - Chinese discount retailer Miniso was expected to close the
books on its U.S. initial public offering after the market
closed on Oct. 13, a day earlier than planned, because of strong
demand, according to Refinitiv publication IFR, citing unnamed
sources.
    - Miniso was aiming to sell 30.4 million American depositary
shares, or about 10% of its enlarged share capital, in a price
range of $16.50 to $18.50 per ADS, based on its amended
prospectus from Oct. 13. At the upper end of that range, it
would raise $562 million. Each ADS represents four Class A
ordinary shares.
    - Goldman Sachs and Bank of America are the IPO bookrunners.
   
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click on  LAM/ 
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    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SEC filing    https://www.sec.gov/Archives/edgar/data/1815846/000119312520268167/d32239df1a.htm
Tencent-backed Miniso Group looks to raise up to $562.4 mln in
IPO     urn:newsml:reuters.com:*:nL4N2GY2OA
IFR: Books covered for Miniso’s NYSE IPO     urn:newsml:reuters.com:*:nL4N2H01OT
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Jeffrey Goldfarb and Katrina Hamlin)
 ((sharon.lam@thomsonreuters.com; Reuters Messaging:
sharon.lam.thomsonreuters.com@reuters.net))