GreenTree cuts US listing in half amid volatility

NYSE_PA_230x150
By Jonathan Breen
28 Mar 2018

China’s GreenTree Hospitality Group had to navigate a tough market this week to wrap up its US IPO as volatility spiked and its closest comparable tanked in the secondary market. To pull off its float, the issuer had no choice but to concede on price and size, writes Jonathan Breen.

Hotel operator GreenTree was looking to raise up to $349.2m when it launched its IPO on March 14, working with bookrunners Bank America Merrill Lynch, Morgan Stanley and UBS and co-manager ICBC International.

The team was marketing 19.4m American Depositary Shares (ADS) at a range of $16-$18 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial