Tealive is mulling an IPO "if the timing and pricing are attractive" should it hit 1,000 stores in Malaysia by 2024, CEO of Loob Holdings, Bryan Loo (pictured), said. Last month, the bubble tea chain opened its 800th store in the country, which is a thru outlet at Ikano Centres Batu Kawan. Loo previously said that there are plans to launch nine more drive-thru outlets within the next 12 months, adding to the 14 outlets currently.
Loo explained in an interview with Reuters that Tealive's funding options have "indeed widened very much" ever since private equity firm Creador snapped up a 30% stake in Loob Holding last June. Hence, it seeks to revisit plans of going IPO a year from now. A+M has reached out to Loo for comment.
When Creador came on board last year, the private equity firm sought to add value and jump on fast-changing consumer trends in the F&B industry to establish a strong brand in the region. This came as it saw opportunity for further growth in Malaysia as well as neighbouring ASEAN markets. Aside from Tealive, Loob Holding also has new beverage series, ready-to-eat food products under the brand Tealive Eats, and affordable coffee chain Bask Bear Coffee.
Meanwhile, the bubble tea brand set foot in the Philippines this year by appointing Mike Dumaual to lead its operations as GM. It also rolled out the Aren Palm Sugar Series and Loo explained previously that "Aren" showcases the brand's unique selling point as a brand originating from the tropics. Months later, it beefed up its marketing and digital operations by hiring Ng Yau Chuan, former Google FMCG industry manager, as its chief marketing and digital officer.
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