Tuniu Corporation Files For $120M US IPO

Nanjing, Jiangsu province-based Chinese travel and tour service provider Tuniu Corporation has filed for a U.S. initial public offering (IPO), seeking to raise as much as US$120 million, according to a filing with the U.S. securities regulator.

The size and pricing of the offering are yet to be determined, and Tiniu has not decided which stock exchange it will list.

Tuniu previously received US$3 million series A funding from Gobi Partners in 2009, and US$10 million series B funding from Gobi and DCM in 2010.

In April 2011, Tuniu completed a US$50 million series C round from Sequoia Capital, Japanese e-commerce firm Rakuten, DCM and Highland Capital Partners.

Last September, the company received US$60 million series D funding from Temasek and DCM.

Prior to the IPO, DCM is the largest shareholder, holding 23.5% of Tuniu. Temasek, Gobi Partners and Sequoia Capital hold stakes of 16.7%, 16.4% and 13.2% respectively.

Among the management team, CEO Yu Dunde and Yan Haifeng hold 10.9% and 7.8% respectively.

Established in 2006, Tuniu offers a large selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure Chinese travelers.

The company generated a revenue of RMB1.96 billion in 2013, up 75.2% from RMB1.12 billion in 2012, according to the prospectus.

Morgan Stanley, Credit Suisse and China Renaissance are serving as the joint bookrunners for the IPO.