The Shenzhen-based company raised HK$5.04 billion (US$650 million) after offering its stock at the top end of an expected price range. The stock attracted bids that exceeded the available shares by 234 times, an oversubscription that may encourage CR Beverage to exercise an option to offer another 52.2 million shares. The so-called greenshoe option may swell the IPO proceeds to as much as US$747 million.
The IPO attracted nine cornerstone investors who were slated to buy US$310 million worth of shares, according to the term sheet. UBS Asset Management would take up about a third of the cornerstone block.
Other investors include China Travel Service Holdings, Wildlife Willow, China Post Life Insurance and Oaktree Capital Management.
Nearly a third of the fundraising will go toward strategic expansion, production and supply chain optimisation, according to the company. The rest will go toward research and development, digitalisation, mergers and acquisitions and other corporate purposes, it said.