Malaysian bubble-tea chain Tealive parent, Loob Holding, has appointed advisors as it prepares for an IPO this year.

Last year, the company said that it aimed to raise MYR300 million (US$72 million) for Malaysian IPO. 

According to The Malaysian Reserve, however, Tealive’s owner and operator could raise MYR1 billion based on prior valuation, depending on the market and investors’ view.

“There will never be the right timing in business, including when to list,” said Bryan Loo, founder and CEO at Loob Holding. “Our ultimate long-term mission is to build Malaysia’s very own global lifestyle tea brand.”

Managing several F&B brands such as Ko Ko Kai and Define Food, Loob operates more than 500 Tealive outlets. It also has stores in China, Vietnam, Philippines, Brunei, Myanmar, Australia and the UK.