Japan’s Miniso plans $1 billion IPO

miniso

Japanese low-retailer, Miniso Corp could be planning to launch a 1 billion initial public offering, a year after it carried out strong expansion.

According to Bloomberg which cited people with the knowledge of the matter, the company has not officially commented on the matter.

Miniso expanded into the Nigerian market in 2017 opening several stores across Lagos latching on existing shopping malls and airport terminals. The company competes with several retailers across personal care products, footwear, portable electronics as well as accessories.

In 2018, Miniso said it will be opening 10,000 stores in 100 economies, including 7,000 stores overseas, and generating 100 billion yuan ($14.52 billion) in annual revenue by 2022.

To fund the expansion in both domestic and global markets, Guangzhou, Guangdong province-based Miniso launched in January its preparation for initial public offering.

To fund the expansion, Miniso raised $145 million in from Hillhouse Capital Group and internet giant Tencent in September 2018.