(Yicai Global) Nov. 29 -- Xiangpiaopiao Food Co., a Chinese drinks maker, plans to go public on the Shanghai Stock Exchange tomorrow and raise over CNY500 million (USD75.75 million) as its flagship instant milk tea products grow increasingly popular in China.

The Zhejiang-based firm earned CNY266 million in net profits on revenue of CNY2.39 billion last year, up 30.81 percent and 22.44 percent on the year, respectively, according to its prospectus.

Shares will be issued at CNY14.18 (USD2.15).

Xiangpiaopiao's instant milk tea beat out the competition to hold an average market share of around 57.7 percent from 2014 through 2016 and rank top for sales volume across the whole instant drinks industry, according to data from market researcher Nielsen Corp.