GreenTree Hospitality Group (GHG) plans to raise $330 million in an initial public offering (IPO) on Tuesday, March 27th, IPO Scoop reports. The company will issue 19,400,000 shares at $16.00-$18.00 per share.
In the last year, GreenTree Hospitality Group generated $119.6 million in revenue and $43.9 million in net income. GreenTree Hospitality Group has a market cap of $1.9 billion.
Morgan Stanley, BofA Merrill Lynch and UBS Securities served as the underwriters for the IPO and ICBC International was co-manager.
GreenTree Hospitality Group provided the following description of their company for its IPO: “We are the leading pure play franchised hotel operator in China as franchised-and-managed hotels represent almost all of the hotels in our hotel network. In 2016, we were the fourth largest economy to mid-scale hotel group in China in terms of number of hotel rooms according to China Hospitality Association. As of December 31, 2017, we had the highest proportion of franchised-and-managed hotels among the top four economy to mid-scale hotel networks in China, with 98.9% of hotels in our network as of those dates being franchised-and-managed hotels. As of December 31, 2017, our hotel network comprised 2,289 hotels with 190,807 rooms in China, covering all four centrally-administrated municipalities and 263 cities throughout all 27 provinces and autonomous regions in China, as well as an additional 306 hotels with 23,157 rooms that were contracted for or under development. “.
GreenTree Hospitality Group was founded in 2004 and has 2259 employees. The company is located at 2451 Hongqiao Road, Changning District, Shanghai 200335, People’s Republic of China and can be reached via phone at +86-21-3617-4886 or on the web at http://www.998.com.
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