(IFM) Century 21 China (CTC), which provides real estate services and franchises the Century 21 brand in China, has been highlighted as Renaissance Capital's Featured IPO. After gaining exclusive franchise rights to the Century 21 brand in China, this real estate broker has developed the country's largest residential brokerage network and emerged as a leader in the secondary real estate market, which is outgrowing the primary market. Originally founded as a franchisor, the firm opened its first company-owned office in 2006 and expanded to over 280 locations, primarily in Shanghai and Beijing.
The company plans to raise $162 million by offering 16.7 million shares at a price range of $8.75-$10.75. At the mid-point of the proposed range, the real estate company will command a market value of $446 million. (IFM) Century 21 China, which was founded in 2000, booked $74 million in sales over the last 12 months. The Beijing-based company plans to list on the NYSE under the symbol CTC. Goldman Sachs, Morgan Stanley, and William Blair are the lead underwriters on the deal.
Please read our full IPO Commentary on Century 21 China.
