Shares of Chagee Holdings Limited (NASDAQ: CHA), a leading premium tea drinks brand, soared 5.02% in early trading on Thursday following the announcement that underwriters of its recent U.S. initial public offering (IPO) have exercised their over-allotment option.
The company revealed that the underwriters purchased an additional 2,202,598 American Depositary Shares (ADSs) at the initial public offering price of US$28.00 per ADS. This move generated approximately US$61.7 million in additional gross proceeds for Chagee, before deducting underwriting discounts and commissions. The exercise and closing of this over-allotment option, which occurred on April 30, 2025, signals strong investor demand for Chagee's shares following its IPO.
Chagee Holdings, founded in 2017, has made a name for itself by transforming traditional tea culture into a modern lifestyle experience. The company's focus on serving healthy and delicious freshly-made tea drinks, coupled with its use of cutting-edge technology and innovative branding, has positioned it as a disruptor in the global tea industry. The strong market response to its IPO and the subsequent exercise of the over-allotment option suggest that investors are optimistic about Chagee's growth prospects and business model.
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