China’s fresh fruit drink giant Mixue Group kicked off bookbuilding on Friday at HK$202.50 apiece, with a minimum investment of HK$20,454.22 per board lot of 100 shares.

The company plans to issue a total of 17.06 million shares, with 10 percent for the retail tranche, to raise about HK$3.45 billion from its Hong Kong listing.

Mixue has secured five cornerstone investors that include M&G Investments and HongShan Growth, pooling a combined investment of US$200 million (HK$1.56 billion).

The company aims to use 66 percent of net proceeds to continue expanding its end-to-end supply chain and 12 percent to build and promote its brand and intellectual property.