Miniso Group plans to raise its IPO to $562.4 Million

On Wednesday, Miniso Group Holding Ltd. said in a regulatory filing that it plans to raise its initial public offering (IPO) to $562.4 Million.

The low-cost Chinese retailer and variety store chain was backed by Tencent Holdings Ltd. (0700.HK).

Goldman Sachs and BofA Securities would serve as the company’s underwriters for the offering.

Miniso stated that it would sell its 30.4 Million American Depositary Shares priced between $16.50 and $18.50 per ADS. The firm added that each ADS would represent four class A ordinary shares.

Shanghai Municipal Food and Drug Supervision Administration (SFDA) reported last month that Miniso products contain far too much chloroform at 589.449 micrograms per gram. The problem was discovered during quality control tests carried out by the SFDA on its 1,000 different cosmetic products.

“We don’t have that product at the store now. We (the store) are only here to sell products. The problems must be the suppliers’ responsibility,” Miniso said in a statement.