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China's GreenTree Hospitality raises $143M in New York IPO

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China's GreenTree Hospitality raises $143M in New York IPO

Chinese hotelier GreenTree Hospitality Group Ltd., which earlier upsized its planned IPO to up to US$401.6 million in gross proceeds from a maximum of US$200.0 million, raised US$143 million when it debuted on the New York Stock Exchange, Deal Street Asia reported, citing a report from Xinhua News Agency.

The news outlet noted that the issuance of the American depositary shares was priced at US$14 apiece, below the expected US$16.00 and US$18.00 per-share target range.

Trading of 10.2 million ADSs commenced on the New York bourse March 27, under the GHG ticker.

The Chinese economy and mid-scale hotel franchiser earmarked approximately 60% of the IPO's net proceeds for potential acquisitions of domestic and overseas companies, with 25% of proceeds aimed at funding the organic expansion of the hotel chain and refurbishment of existing properties.

GreenTree's hotel network in China features 190,807 rooms across 2,289 hotels as of Dec. 31, 2017.

Deutsche Bank Trust Co. Americas acts as the depository for the ADSs. Morgan Stanley & Co. International PLC, Merrill Lynch Pierce Fenner & Smith Inc., UBS Securities LLC and ICBC International Securities Ltd. are the underwriters.