(Yicai Global) Sept. 29 -- TH International, the exclusive operator of Canadian coffee chain Tim Hortons in China, will start trading on the Nasdaq via a special purpose acquisition company.
TH International acquired a blank check company so its shares and warrants are set to begin trading under the symbols THCH and THCHW today, the Shanghai-based operator of Tims China wrote in a press release today.
Tims China will have access to nearly USD200 million of financing through the listing, including about USD94.5 million via private investment in public equity and USD100 million from CF Principal Investments, an affiliate of American financial services firm Cantor Fitzgerald.
The initial public offering will allow Tims China to continue growing while aiming to build a profitable network of 2,750 stores by 2026, Chairman Peter Yu said.
Tims China was founded by Restaurant Brands International, the parent of Tim Hortons, and New York-based private equity firm Cartesian Capital Group. It opened its first store in Shanghai in 2019 and currently operates over 460 coffee shops across the country. The brand has received financing from several renowned investors, including internet giant Tencent Holdings and Sequoia China.
Tims China logged a net loss of CNY381.7 million (USD60.1 million) last year, almost tripling from 2020 amid rapid expansion. Meanwhile, revenue grew nearly threefold to CNY643.4 million, according to the prospectus.
Editor: Emmi Laine, Xiao Yi