(Yicai Global) Nov. 8 -- Chinese hotel chain Atour Lifestyle Holdings has applied for an initial public offering on the New York-based stock exchange Nasdaq.

Atour plans to issue around 4.75 million American depository shares priced between USD11 and USD13 to raise up to USD61.8 million, the Shanghai-based firm said in its latest red herring prospectus filed to the US Securities and Exchange Commission yesterday. It will be listed under the stock code ATAT.

The proceeds will be used to expand the firm’s hotel network in China, develop new products and services, grow its membership plan and branding efforts, improve information technology infrastructures to provide better services and increase operating efficiency, conduct strategic transactions, supplement working capital, and for other general corporate purposes, Atour noted in the initial prospectus released in June last year.

Snow Lake Capital, a leading Asian alternative investment management firm, will be the cornerstone investor for Atour’s IPO. BofA Securities, Citigroup, China International Capital Corporation, and CMB International will be the joint bookrunners.

Atour is a hotel chain known for its scenario-based retail business strategy that integrates life scenarios such as retail, e-commerce, fitness, and library into its hotel business. It owns several accommodation brands and retail brand Atour Market.

Atour had 880 hotels as of Sept. 30, it said in its latest prospectus. Except for the hotels closed or requisitioned by the government because of the Covid-19 outbreaks, the company reported an average occupation rate of 72 percent in the third quarter. The revenue per available room was CNY321 (USD45) in the period, recovering to 89 percent of the level in 2019.

Editor: Martin Kadiev