Chinese tea chain Chagee valued at $6.2 billion in strong Nasdaq debut
Market data is displayed on a screen inside the Nasdaq stock market site in New York City, U.S., April 7, 2025. REUTERS/Kylie Cooper/File Photo Purchase Licensing Rights, opens new tab
April 17 (Reuters) - Chinese tea chain Chagee (CHA.O), opens new tab secured a valuation of $6.2 billion after its shares gained 21% in the Nasdaq debut on Thursday.
The company's American depositary shares opened at $33.75 apiece, compared with the initial public offering price of $28.
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Chagee sold 14.7 million ADS at the top of its marketed range of $26 to $28 per share to raise $411 million, in the biggest listing for a Chinese consumer company since vaping firm RLX Technology's $1.4 billion IPO in January 2021, according to Dealogic data.
The market reaction signals sustained investor appetite for Chinese IPOs on U.S. exchanges at a time when two of the world's biggest economies are engaged in a full-on trade war.
Reporting by Ateev Bhandari in Bengaluru; Editing by Shilpi Majumdar
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