(Reuters) – Retailer Miniso Group Holding Ltd, which is backed by Tencent Holdings Ltd <0700.HK>, is looking to raise up to $562.4 million in its initial public offering in the U.S., a regulatory filing showed on Wednesday.

The China-based company said it would sell 30.4 million American Depositary Shares priced between $16.50 and $18.50 per ADS. Each ADS would represent four of Class A ordinary shares. (https://bit.ly/3d4LGS7)

At the top end of the range, Miniso would be valued at $10.18 billion.

Miniso’s plans to go public come on the heels of numerous blockbuster IPOs this year, including those of Palantir Technologies and Snowflake

in recent weeks.

A number of Chinese companies, which have debuted in U.S. stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings

, which owns real estate brokerage brand Lianjia and housing transactions platform Beike, sold over $2 billion worth of shares after its IPO was priced above range.

Companies have raised more than $100 billion in U.S. IPOs so far in 2020, comfortably outpacing a $62.5 billion haul for all of 2019, and on track to be the biggest year since 2000, according to data from Dealogic.

Entities affiliated with Tencent would own 4.8% of Miniso’s stock after the offering, the filing showed.

Goldman Sachs and BofA Securities are the underwriters for the offering.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Copyright 2020 Thomson Reuters.

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