Bawang Chaji, a popular tea chain brand, has filed for an initial public offering (IPO) in the United States, aiming to list on NASDAQ under the ticker "CHA." This move comes as the company plans to open its first U.S. store at the Westfield Century City mall in Los Angeles.
Since its inception in 2017, Bawang Chaji has expanded rapidly, operating over 6,400 tea shops across Malaysia, Singapore, and Thailand as of December 31 of last year. The company projects revenues of $1.7 billion and a net profit of $344.5 million for 2024, according to regulatory filings.
The brand was founded by CEO Zhang Junjie, who was inspired by the success of international coffee companies and aimed to modernize tea beverages. Looking ahead, Bawang Chaji aspires to serve tea enthusiasts in 100 countries, create 300,000 jobs globally, and offer 15 billion cups of freshly brewed tea annually, as stated on the company's website.
