Chinese low-cost retailer and variety store chain Miniso intends to secure $1 billion in a stock market listing.

The initial public offering is expected to take place in Hong Kong or the U.S. and the firm is inviting banks to pitch for roles on the proposed offering.

More so, last year, Miniso generated approximately $2.5 billion in revenue.

Previously, the firm secured $145.4 million in its first external financing round from China-based Tencent Holdings Ltd. and Hillhouse Capital.