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China's Home Inns in $120 mln share sale

Tue May 1, 2007 10:17pm EDT

Stocks

   

HONG KONG, May 2 (Reuters) - China's Home Inns & Hotels Management Inc. (HMIN.O) and two investors raised $120 million through an American Depository Receipt sale, a person familiar with the matter said on Wednesday, as its stock has more than doubled since an October IPO.

IPOs

Home Inns, which runs budget hotels on the mainland, sold nearly 1.5 million ADS at $34.27 each on Tuesday, a zero percent discount to the stock's last traded price, the source said.

AsiaStar IT Fund and IDG Tech Venture Investments sold about 1.15 million ADS and 870,000 ADS, respectively.

Home Inns went public on Nasdaq in October at an IPO price of $13.80 per share.

The order book for the offering was more than three times covered, the source said, with Home Inns and its shareholders raising the size of the deal from an initial 1.5 million ADS late last month.

Credit Suisse (CSGN.VX) and Merrill Lynch MER.N were joint bookrunners.

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