Chinese economy hotel chain 7 Days Group Holdings aims to raise up to US$100 million via an initial public offering in the New York Stock Exchange, sources reported.
The company filed to the U.S. Securities and Exchange Commission on Monday for listing on the NYSE under the symbol SVN.
Proceeds from the share offering will be used to expand its hotel network, improve hotel conditions, and repay loans, said 7 Days Group in the prospectus.
JP Morgan Chase & Co and Deutsche Bank AG are reportedly the lead underwriters for the deal. No pricing terms have been disclosed so far.
The company, which was incorporated in 2005 and has since built its "7 Days Inn" brand, currently operates 283 hotels with 28,266 rooms in 41 Chinese cities.
