Manner Coffee Is Said to Seek IPO 10 Years After Starting as Tiny Stall

China’s Manner Coffee is considering an initial public offering in Hong Kong as soon as next year, according to people with knowledge of the matter, reviving expectations of a listing that first emerged in 2021.

The coffee chain has been in discussions with investment banks about the possible listing, the people said, asking not to be identified because the information is private. It could seek to raise a few hundred million dollars and a valuation of as much as $3 billion, they said.