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7 Days Group offers $11/share IPO on Nasdaq

(chinadaily.com.cn)
Updated: 2009-11-20 17:13

7 Days Group Holdings Ltd, China's third-largest budget hotel chain operator, set its 10.1 million American depositary shares (ADS) at $11 each Thursday, at the high end of the expected price range of $9 to $11, Sina.com reported today.

7 Days plans to raise $111.1 million through the IPO, and its ADS will trade on the New York Stock Exchange Friday under the symbol SVN.

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JP Morgan and Citigroup Inc are bookrunners on 7 Days deal, and each has the option to buy additional 1.5 million ADS.

7 Days expects net proceeds to reach $92 million through the IPO, based on the midpoint price of $10 per share. The proceeds will be used to repay debt.

The hotel chain operator manages more than 360 hotels in China, and has more than 8 million members in its membership club, as claimed on its website.

7 Days' operating revenue for the first nine months came to $121.7 million, and it posted $1.4 million in losses due to the $9.3 million interest expense, according to Sina.com.