Loob hires advisers for IPO next year, eyes RM300m

PETALING JAYA: Bubble tea maker Loob Holding Sdn Bhd is planning an initial public offering on the local bourse next year to raise as much as RM300 million.

According to Bloomberg, the Tealive brand owner has hired advisers for the exercise and is aiming for a listing in the first half of next year. It was reported that the firm is considering seeking a valuation of as much as RM1 billion.

Tealive has over 200 outlets in and has expanded to , Australia and .

Tealive was created following a dispute between Loob and La Kaffa International Co Ltd that saw the Taiwanese franchisor terminate its master franchisee contract with Loob.

In August last year, Loob and La Kaffa reached an out-of-court settlement to amicably resolve all their disputes arising from their one-time franchise relationship.

Loob manages a diverse portfolio of food and beverage brands in Malaysia, including Tealive, Gindaco, Croissant Taiyaki, Define: food; and Define: burgers, Kokokai and Soda Xpress.

Earlier this month, Loob divested its stake in llallao to focus on global expansion, particularly on its flagship brand Tealive.

Source: The Sun Daily

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