Miniso, a China-based low-cost retailer focused on consumer goods, filed for a $100m initial public offering on Wednesday that will offer an exit to internet group Tencent.
The company hopes to list on the New York Stock Exchange. The $100m figure is a placeholder amount and the company has not yet set any terms for the offering, while a report in June 2019 suggested Miniso could be targeting a $1bn IPO.
Founded in 2013, Miniso operates a chain of low-cost stores that sell own-brand consumer goods such as cosmetics and electronics. Its network consists of directly-owned and franchise locations, with 2,500 shops in China and another 1,680 stores throughout 80 countries.
Proceeds from the offering will go towards expanding Miniso’s network of stores, warehousing and logistics capabilities, and bolstering its technologies and information systems.
Miniso secured $146m in funding in late 2018 from Tencent and hedge fund manager Hillhouse Capital.
Tencent and Hillhouse each currently own 5.4% stakes in the business. Chairman and CEO Guofu Ye is the largest shareholder with 80.8% (including 70% through a variety of investment vehicles that he shares with his spouse and Miniso vice-president Yunyun Yang).
Goldman Sachs (Asia) and BofA Securities have been appointed underwriters for the offering.
