China Real Estate Information Corporation CRIC yesterday launched the roadshow for an initial public offering that is seeking to raise up to $248.4 million ahead of a Nasdaq listing. The deal hits the market on the back of a tough week for Chinese property IPOs in Hong Kong.
The real estate information and consulting services provider is offering 18 million American depositary shares ADS, each equivalent to one ordinary share. The shares are all primary, and the offering represents 13% of the enlarged share capital of the company. A 15% greenshoe, if exercised, could increase the maximum possible deal size to $285.7 million.
There are two sides to the business. First,...
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