Loob Holding, which owns Southeast Asia’s largest bubble tea brand by stores, will consider a share listing once it operates 1,000 Tealive stores by 2024.
Loob’s CEO Bryan Loo stated, “we may consider an IPO if the timing and pricing are attractive at that time.”
A media report states that Loob, which opened its 800th Tealive store in Malaysia last month, had previously planned an IPO in Malaysia in 2020. However, the stock launch was delayed due to the pandemic.
Earlier this year, Malaysian private equity fund Creador bought a 30 percent stake in the company.
“With Creador on board, our options for funding have indeed widened very much” CEO Bryan Loo noted. He added that Loob was “adequately funded” for its expansion plans. “So the question of whether we will go for an IPO and if so, in which market, is best re-visited a year from now”.
The company sells a variety of beverages, including pearl milk tea and coffee, and has branches in Vietnam, the Philippines, Australia, and the United Kingdom. The company also owns sparkling water maker Sodaxpress, kombucha brand Wonderbrew, and coffee brand Bask Bear Coffee.
Loob intends to continue its expansion into the beverage industry in the coming years. It plans to open 100 Tealive and 100 Bask Bear Coffee outlets a year in Malaysia. The company has the objective of increasing Tealive’s Philippine store count to 300 by 2024.
With consumer spending picking up strongly following the easing of Coronavirus restrictions, Malaysia’s economy grew at its fastest annual rate in a year in the second quarter. The Southeast Asian country has also seen rapid expansion in milk tea brands such as CHAGEE and KOI.