Chinese hotel chain Atour plans $2bn US IPO
By Caoimhe Toman
Date: Tuesday 11 May 2021
(Sharecast News) - China's Atour is looking into a potential initial public offering in the US that could value the hotel chain at $2bn.
According to sources close to the matter who spoke to CNBC, the listing would likely take place "very soon" on the NYSE with the company expecting to raise $200m to $300m.
The company, which owns different hotel brands at different prices, has already opened over 600 hotels across 170 cities in China.
Plans for the float come as domestic tourism rebounds following the sector's existential crisis due to the coronavirus pandemic and the worldwide lockdowns that ensued.
But with the pandemic largely under control in China, tourism in the Asian giant has been undergoing a steadily recovery over the past few months.
Indeed, the first five days of May had marked the "hottest" public holiday for leisure travel since the coronavirus pandemic, as locals enjoyed Labour day, Chinese travel booking site Trip.com revealed earlier this month.
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