Herbal Tea Maker JDB Seeks New Funds Before Hong Kong IPO
(Bloomberg) -- Chinese non-alcoholic beverage maker JDB Group is seeking to raise at least $300 million in a funding round ahead of a potential Hong Kong initial public offering, people with knowledge of the matter said.
The group, whose products include Jia Duo Bao-branded herbal tea, is working with advisers on the pre-IPO funding and has reached out to several prospective investors, said the people, who asked not to be identified as the information is private.
The herbal tea maker aims to list on Hong Kong’s exchange as soon as this year, though no firm decisions on timing and size have been made, said the people.
Deliberations around the pre-IPO fundraising are ongoing and details could change, they said. A representative for JDB did not immediately respond to requests for comment.
Founded in 1995 in China’s southern Guangdong province, JDB was among the first companies in the country to package and sell herbal tea in cans and paper cartons. JDB also sells bottled mineral water under its Snow Mountains brand, according to its website.
JDB Group aims to join fellow beverage maker Nongfu Spring Co. in tapping the public market. The bottled water company’s Hong Kong listing last year raised HK$9.6 billion ($1.24 billion). Its stock has more than doubled since its debut, giving the company a market value of $62.6 billion, which is larger than those of global beverage giants Heineken NV and Pernod Ricard SA.
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