The company joins a handful of bubble tea outlets to go public in recent years as the beverage -- which comes loaded with milk, sugar and tapioca pearls -- storms out from its Asian fanbase to gain a global following.
Targeting well-heeled young consumers, the 550-store chain opened its first outlet in the southern metropolis of Shenzhen in 2015. "He said, 'I think your idea is very good. If you want to get it off the ground more quickly, you could go out with me and we could start a business together'.Their brand prides itself on innovative drinks, fresh ingredients and a cool cafe decor to set it apart in China's crowded bubble tea environment.The company had sold 257.3 million shares, raising US$656 million and valuing it at US4.38 billion, according to Bloomberg News.
However, research firm China Insights Industry Consultancy estimates the country's appetite for freshly made tea drinks will rocket threefold to US$53.2 billion by 2025, said Nayuki in its prospectus.
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