South-east Asia’s largest bubble tea brand is considering plans for a share listing once it reaches its target of operating 1,000 stores across Malaysia by 2024
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Loob Holding will consider an IPO in 2024 ‘if the timing and pricing are attractive’ | Photo credit: Tealive
Malaysia’s Loob Holding, which operates the Tealive bubble tea chain, is seeking to operate 1,000 Tealive stores in the country within two years.
Formed in February 2017, Tealive currently operates 800 stores in Malaysia.
Bryan Loo, CEO of Loob Holding, said that Tealive’s growth potential had widened after selling a 30% stake in the company to private equity firm Creado in December 2021 for a reported RM 260m ($56m).
Loo said that once the 1,000 stores by 2024 expansion target has been met, the company will consider an IPO, ‘if the timing and pricing are attractive’.
Loob Holding had previously planned for a Malaysian IPO but paused proceedings due to the Covid-19 pandemic.
The beverage conglomerate is also planning to annually double Tealive's store count in the Philippines, with a target of 300 stores by 2024. It currently operates 25 Filipino outlets having launched in the country in January 2020.
Tealive also has stores in Australia, Brunei, Cambodia, Myanmar, the UK and Vietnam.
Loob Holding also owns Bask Bear Coffee, which operates 17 outlets across Malaysia, the WonderBrew tea brand and the SodaXpress sparkling water company.