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Chinese hotel chain Atour Lifestyles Holdings (ATAT) has updated terms and reportedly plans to begin taking investor orders for a downsized $57M US initial public offering.
Atour proposed in its latest filing to offer 4.75M American Depositary Shares priced between $11 to $13 per ADS, which would raise around $57M if priced at the midpoint. Each ADS would represent three ordinary shares.
Underwriters would be granted a 30-day option to buy up to 2.5M ordinary shares to cover any over-allotments. Atour said the deal should generate net proceeds of approximately $57M if the option is fully exercised. Bookrunners on the deal include BofA Securities, Citigroup, CICC, CMBI, Redbridge Securities and Tiger Brokers.
Atour plans to begin taking orders for the offering as early as this week, with the amount and timing of the deal subject to change, according to a Bloomberg report.
Based in Shanghai, Atour operates 834 hotels in 151 cities across China. The company hopes to list its shares on Nasdaq under the symbol ATAT.
The latest deal has been significantly downsized since the company first filed for an IPO last year. In June 2021, Atour proposed offering 19.7M ADSs priced between $13.50 and $15.50, which would have raised around $286M if priced at the midpoint.
Image and article originally from seekingalpha.com. Read the original article here.