Atour Lifestyle Holdings, an upper midscale hotel chain in China, raised $52 million by offering 4.8 million ADSs at $11, the low end of the range of $11 to $13. The IPO float is just 3.6% of the basic shares outstanding. New investor Snow Lake had indicated on $10 million worth of ADSs in the offering (19% of the deal).
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 plans to list on the Nasdaq under the symbol ATAT. BofA Securities, Citi, CICC, and CMB International Capital acted as joint bookrunners on the deal.
