GreenTree Hospitality Group, which franchises over 2,000 economy and mid-scale hotels in China, announced terms for its IPO on Wednesday.
The Shanghai, China-based company plans to raise $330 million by offering 19.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, GreenTree Hospitality Group would command a market value of $1.9 billion.
GreenTree Hospitality Group was founded in 2004 and booked $125 million in sales for the 12 months ended December 31, 2017. It plans to list on the NYSE under the symbol GHG. Morgan Stanley, BofA Merrill Lynch and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price in March 2018.
