Tuniu, China's largest online provider of packaged tours, announced terms for its IPO on Monday. The Nanjing, China-based company plans to raise $80 million by offering 8.0 million ADSs (8% insider) at a price range of $9 to $11. At the midpoint of the proposed range, Tuniu would command a fully diluted market value of $522 million.
Tuniu, which was founded in 2006 and booked $324 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol TOUR. Tuniu initially filed confidentially on January 27, 2014. Morgan Stanley, Credit Suisse and China Renaissance Securities are the joint bookrunners on the deal. It is expected to price next week.
