Shanghai-based Atour will be hoping to benefit from a rebound in tourism in China as it gears up for a U.S. initial public offering.
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GUANGZHOU, China — Chinese hotel chain Atour is exploring an initial public offering (IPO) in the U.S. which could value it at $2 billion, a person with knowledge of the matter told CNBC.
The U.S. listing will likely take place on the New York Stock Exchange and the company is seeking to raise about $200 million to $300 million, the person said.
Atour could file for the IPO “very soon,” said the source, who was not authorized to speak publicly.
The Shanghai-headquartered company has various hotel brands at different prices from higher end to more budget offerings. It has opened more than 600 hotels across 170 cities in China, according to its website.
A representative for Atour did not immediately respond to a request for comment when contacted by CNBC.
Atour hopes to take advantage of the travel rebound in China after the coronavirus outbreak caused the country to shut down for several weeks in early 2020. With the pandemic largely under control in China, domestic tourism has steadily recovered.
Atour will be competing with China’s own large domestic hotel chains, such a Huazhu Group, which went public in Hong Kong last year, as well as international hotel operators including Marriott International.
Chinese firms still view the U.S. as an attractive listing destination. On Tuesday, CNBC reported Chinese trucking start-up Full Truck Alliance, could file publicly for a U.S. listing as early as this week.