SouFun Holdings Limited, which operates the leading real estate website in China, submitted its initial filing and announced terms for its IPO on Thursday. The Beijing-based company plans to raise $122 million by offering 2.9 million ADSs at a price range of $40.50-$42.50; at the mid-point of the proposed range, it will command a market value of $846 million. SouFun is currently controlled by Telstra International, which bought a 55% stake in the company for $254 million in August 2006. In a concurrent private placement, Telstra plans to sell 1.8 million ADSs to buyers including private equity firms General Atlantic and Apax Partners and exit its stake on the IPO. Other shareholders will sell an additional aggregate of 860,322 ADSs. SouFun, which was founded in 1999 and booked $158 million in sales for the 12 months ended June 30, plans to list on the NYSE under the symbol SFUN. Deutsche Bank Securities and Goldman Sachs (Asia) L.L.C. are the lead underwriters on the deal, for which timing was not disclosed.