Atour Lifestyle Holdings, an upper midscale hotel chain in China, filed new terms for its upcoming IPO on Monday.
The Shanghai, China-based company now plans to raise $57 million by offering 4.8 million ADSs at a price range of $11 to $13. The IPO float is just 3.6% of the basic shares outstanding, or 3.0% after indicated buying. New investor Snow Lake intends to purchase $10 million worth of ADSs in the offering (18% of the deal). At the midpoint of the range, Atour Lifestyle Holdings would command a fully diluted market value of $1.6 billion.
The company had originally filed to offer 19.7 million ADSs at a range of $13.50 to $15.50 in June 2021, with indications of $120 million (42% of the deal), but removed the terms in June 2022.
Atour Lifestyle offers guests a range of products and services through offline and online channels, including its mobile app and WeChat mini program. The company has developed a scenario-based retail business within its hotels, incorporating a fully immersive shopping experience in guests' rooms with a range of products representing more than 1,600 SKUs. As of June 30, 2022, the company had 834 hotels in 151 cities in China.
Atour Lifestyle Holdings was founded in 2013 and booked $317 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol ATAT. BofA Securities, Citi, CICC, and CMB International Capital are the joint bookrunners on the deal. It is expected to price during the week of November 7, 2022.
