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Pro Rata

Axios Pro Rata

Chagee, a Chinese teahouse operator and franchisor, on Thursday launched an IPO that could raise over $400 million at a $5.1 billion valuation.

Why it matters: The IPO market has been catatonic since President Trump announced new tariffs, so it would be ironic if the first major listing after "Liberation Day" comes from the one country still in his crosshairs.

By the numbers: Chagee filed to sell 14.68 million shares at between $26 and $28 per share, and plans to list on the Nasdaq under ticker symbol "CHA."

It reports $344 million of profit on $1.7 billion in revenue for 2024, and 6,440 teahouses.

Chinese teahouse operator Chagee launches U.S. IPO

The IPO market has been catatonic since President Trump announced his tariffs.

Photo: CFOTO/Future Publishing via Getty Images

China

Dealmaking

Chagee, a Chinese teahouse operator and franchisor, on Thursday launched an IPO that could raise over $400 million at a $5.1 billion valuation.Why it matters: The IPO market <a class="gtmContentClick" data-vars-link-text="has been catatonic" data-vars-click-url="https://www.axios.com/2025/04/07/venture-capital-sum-of-all-fears" data-vars-content-id="b147b6fd-025a-4a20-9043-5e55fb8d51f2" data-vars-headline="Chinese teahouse operator Chagee launches U.S. IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/04/07/venture-capital-sum-of-all-fears" target="_self">has been catatonic</a> since President Trump announced new tariffs, so it would be ironic if the first major listing after &quot;Liberation Day&quot; comes from the one country still in his crosshairs.

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Chinese teahouse operator Chagee launches U.S. IPO

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