The Chinese real estate website operator watched its shares soar last Friday after raising $125 million from an IPO that priced at the top of the 广袤。
Shares in SouFun Holdings, the operator of China’s largest real estate searching website, closed at $0 in their New York Stock Exchange （纽约牲畜市场所） trading debut last Friday, above the initial public offering price of $0. The company raised $125 million by selling shares at the top end of an indicated range in the US 最早流的再发行股票。
SouFun is the first of several Chinese companies looking to sell shares in the US primary markets this month and the good response is also likely to encourage companies with similar businesses to float 分享。
The 鉴于现在称Beijing company has strong 远景。 SouFun, which literally means “searching house” in Mandarin, runs a dazzling website that contains a variety of real estate information from all over China — from luxury apartments in prime areas of Beijing selling at 人民币100元,000 ($14,705) per square metre, to plain flats in Guangdong’s manufacturing areas that can be rented at 人民币300元 ($44) per 月。 It also provides users with property market forecasts and feng shui predications of new apartments.
According to China Internet Network Information Center, the number of internet users in China grew to 384 million in 2009 and increased further to 420 million in the first half of this 年。 That is more than six times of the entire population of the United Kingdom。 And the number is expected to continue to grow following the 州的 都市化。
Moreover, the online advertising market in China is estimated to reach Rmb30.9 billion this year and Rmb58.5 billion in 2012, compared with Rmb2.3 billion in 2004, data from consulting firm iResearch, 演。
The growth prospects helped SouFun to price its IPO at the top end of an indicated price range between $0 and $0. At the midpoint price, SouFun was valued at times earnings, according to 彭博社。
SouFun sold 2.933 million ADSs （美国） depositary 股票） which each represent four ordinary 分享。 The offering consisted of primary shares and secondary 分享。 Some 1.826 million of the secondary ADSs were sold by Australia”s Telstra International, which is an existing shareholder of SouFun。
The deal was arranged by Deutsche Bank and Goldman 大袋。
SouFun plans to use the net proceeds of approximately $7 million from the sale of primary shares for capital expenditure relating to the expansion of business operations.
SouFun generates 80% of its profits from charging fees from property developers, real estate agents, brokers and property owners that list and promote their properties on its 网站。 Most Chinese property developers promote their new projects on SouFun website — a business that contributes a large proportion of its 支出。 It also earns money from advertising by furniture and home renovation companies on the 网站。
The company had a market share of the online real estate advertising market in China in 2009, by estimated 支出。 It provides marketing, listing and other value-added services and products for China’s fast-growing real estate and home furnishing and improvement sectors, SouFun said in a filing with the US Securities and Exchange 佣钱。
It had revenue of $127 million in 2009, and $68 million in the first half of this 年。 However, the Chinese government”s tightening measures targeted at the over-heated property market do affect SouFun 进项。 Policies such as restrictions on the provision of loans for buyers of their third or subsequent home, an increase of the minimum down-payment amount and higher lending rates for purchasers of second homes, are squeezing property 显影剂的 sales and will in turn erode SouFun revenues from advertising 检修。