Chagee Holdings Limited (CHA Proposed), a Chinese teahouse chain and one of China’s leading tea brands, is heading the spring holiday menu during the week of Passover and the countdown to Easter. The U.S. stock market will be closed on Friday, April 18, for Good Friday, the start of the long Easter holiday weekend.
Shanghai-based Chagee Holdings Limited is offering 14.7 million American Depositary Shares (ADS) at a price range of $26.00 to $28.00 to raise $396 million – if priced at the $27.00 mid-point – at a market cap of $5.0 billion. Chagee’s IPO comes amid escalating tariff-and-trade tensions between the U.S. and China. The deal is set to price this week.
Citigroup, Morgan Stanley, Deutsche Bank Securities and CICC are the joint book-runners of Chagee Holdings Limited’s IPO.
This week’s IPO Calendar includes the $75 million IPO of AIRO Group Holdings (AIRO Proposed), an Albuquerque, N.M.-based drones, avionics, training and electric mobility platform company – with joint book-runners Cantor, BTIG and Mizuho – and the $50 million IPO of OMS Energy Technologies, Inc. (OMSE Proposed), a Singapore-based oilfield equipment company – with sole book-runner Roth Capital. OMS Energy Technologies Inc.’s IPO is a carry-over from last week.
The short IPO menu opens with two small deals set to price tonight – Monday, April 14, 2025 – to trade Tuesday, April 15 – on the NASDAQ: Haoxin Holdings Ltd. (HXHX Proposed) – the $8.8 million IPO of a Chinese temperature-controlled truckload and urban delivery service business – from joint book-runners Craft Capital and WestPark Capital – and Phoenix Asia Holdings Ltd. (PHOE Proposed) – the $8.0 million IPO of a Hong Kong-based company whose operating subsidiary, Winfield Engineering, is involved with substructure work – with sole book-runner D. Boral Capital.
CONVERSATION & A CUP OF TEA
Chagee Holdings Limited (CHA Proposed) markets its teahouses as places to relax and enjoy a cup of tea over conversation with friends and family. Chagee, founded in 2017, said its number of teahouses rose to 6,681, including 169 teahouses overseas, as of March 31, 2025 – up from a network of 6,440 teahouses, including 6,284 teahouses in China and 156 teahouses in other countries, as of Dec. 31, 2024, according to the prospectus. Most of its teahouses are franchised. Chagee’s recent expansion includes the opening of teahouses in three locations in California – in Irvine, Torrance and Santa Monica, according to its U.S. website: Chagee.US
The Chinese holding company plans to price its IPO on Wednesday night, April 16, to trade Thursday, April 17, on the NASDAQ.
Financial statements in the prospectus show that Chagee Holdings Limited is profitable. For the year that ended Dec. 31, 2024, Chagee Holdings Limited reported net income of $344.5 million on revenue of $1.7 billion.
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