Chinese bubble tea firm Guming has raised US$232 million (HK$1.81 billion) in a Hong Kong initial public offering after setting the price of its shares at the top of an indicated range, according to a term sheet.

The pricing was at the top of the HK$8.68 to HK$9.94 per share range flagged to investors when the deal launched on Tuesday, the term sheet, which was seen by Reuters, showed.

Guming did not immediately respond to a request for comment.

Guming's IPO ends a regulatory freeze for Chinese bubble tea makers which had been in place for most of last year, as IPO applicants struggled to get formal approval.