India, Feb. 12 -- China has an insatiable appetite for boba, or bubble tea. The proof? The drink has helped another man become a billionaire overnight.

Guming Holdings recently launched a $233-million (over Rs.2,013 crore) IPO, which increased the net worth of its own Founder, Yun'an Wang, to $1.2 billion, making him a part of the billionaires club, according to Bloomberg data.

The company's shares rose as much as 4.6% to about $1.3/share on Wednesday before trimming gains. The bubble tea market was worth $9.6 billion in 2018 and is forecasted to grow to $71 billion in three years.

Guming Holdings sells boba tea under the 'Good me' brand name and targets smaller cities and townships, where bubble tea is not readily available.

Wang had...