China Autohome files for U.S. IPO
Autohome, a leading online auto information provider in China, has filed for an initial public offering (IPO) of American depositary shares (ADS) to raise up to 120 million U.S. dollars.
The company said it would use the proceeds to fund technology and product development, as well as for boosting sales and marketing business.
The auto information website applied to list its ADS shares on the New York Stock Exchange.
The IPO will be underwritten by Deutsche Bank and Goldman Sachs Group.
The company provides a wide range of information for automobile users, as well as advertising and dealer subscription services.
In the first three quarters of 2013, Autohome raked in operating revenues of 830 million yuan, a sharp rise of 62.7 percent from the same period of last year.
(Edited by Olivia, Olivia@tireworld.com.cn)
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