NEW YORK China Real Estate Information Corp, a provider of real estate information and consulting services, is planning to raise up to $200 million in a U.S.-listed initial public offering.
The company, a Shanghai-based unit of real estate services company E-House China Holdings Ltd EJ.N, operates a database that held information on about 38,200 developments or buildings and 24,200 parcels of land for development in 56 cities in China as of June 30, according to a prospectus filed with the U.S. Securities and Exchange Commission.
The company plans to buy the online real estate business operated by Sina Corp, a Chinese media company which in turn would acquire a large stake in China Real Estate Information following the IPO. E-House will remain its parent company and controlling shareholder after the offering
China Real Estate Information revenues rose 61.8 percent to $31.2 million in the first six months of 2009 from the year-earlier period, with net income of $11 million.
The performances by Chinese companies completing U.S.-listed IPOs have been mixed this year. Chinese video game maker Changyou.com Ltd (CYOU.O) has had the best performance of any new stock in 2009, more than doubling since its April IPO; but rival Shanda Games Ltd GAME.O has fallen about 6.7 percent since its debut last week.
China Real Estate plans to list its American depositary shares on the NASDAQ Global Market under the symbol "CRIC" CRIC.O. No expected timing for the IPO was detailed in the filing.
The IPO's lead managers are Credit Suisse and UBS Investment Bank.
(Reporting by Phil Wahba, editing by Gerald E. McCormick)