Sunday, September 19, 2010

China IPO - SouFun Raises $125MM

SouFun Holdings Limited ("SouFun" or the "Company") (NYSE:SFUN - News), the leading real estate Internet portal and home furnishing and improvement website inChina, today announced that its initial public offering of 2,933,238 American depositary shares ("ADSs"), each representing four Class A ordinary shares of the Company, was priced at $42.50 per ADS. The ADSs will begin trading on the New York Stock Exchange on September 17, 2010 under the symbol "SFUN."

Of the 2,933,238 ADSs being offered, 246,914 ADSs are offered by SouFun, 1,826,002 ADSs are being offered by Telstra International Holdings Limited ("Telstra") and 860,322 ADSs are being offered by the other selling shareholders. Telstra has granted the underwriters a 30-day option to purchase from it up to 439,986 additional ADSs to cover over-allotments.

SouFun is 51 percent-owned by Australian phone company Telstra. Telstra purchased its stake in SouFun in 2006 for $254 million. It said last month it would sell that stake to private equity firms General Atlantic and Apax Partners ahead of the IPO for more than $400 million. Both firms are existing SouFun shareholders.

Underwriters were led by Deutsche Bank and Goldman Sachs.

1 comment:

Anonymous said...

"SouFun operates one of the largest real estate portals in China," said Morningstar IPO analyst Michael Gaiden. "It's a wide open growth opportunity."