Beijing (PingWest)—MINISO, a chain of stores that sell household goods and apparel, is planning to raise up to $562.4 million in its initial public offering (IPO) on the New York Stock Exchange, which will bring the company's valuation to $5.7 billion.
The company will offer 30.4 million American depositary shares (ADS) priced between $16.50 and $18.50 each.
According to its IPO prospectus, the company has over 2,500 stores in China and 1,680 stores in over 80 countries.
Established in 2013, this Guangzhou-based company copied the business model of MUJI and the logo of Uniqlo.
MINISO defines itself as "inspired by Japanese style" and claims that most of its designers are Japanese and Scandinavian.
In 2018, MINISO took a 1 billion yuan ($150 million) round of investment from Tencent and Hillhouse Capital.
The company aims to accelerate its global expansion by seeking US public capital investment.
Due to the Covid-19, the company's revenue has shrunk in the most recent fiscal year ending June 30, 2020.
Selling and Distribution expenses as a percentage of total revenue have risen sharply; the Selling and Distribution efficiency rate has swung to negative territory.
Despite the tension between China and the US, Chinese companies are still actively going to the US for listing. According to Bloomberg data, Chinese companies have raised $9.1 billion through IPOs in US this year.