Nanjing, Jiangsu province-based Chinese travel and tour service provider Tuniu Corporation says two companies are to subscribe a total of US$20 million shares before its planned U.S. IPO, according to a securities filing submitted by the company.
Chinese online travel platform Ctrip.com International Ltd. will subscribe up to US$15 million of Tuniu’s shares. Chinese security software maker Qihoo 360 Technology Co. Ltd. will subscribe US$5 million.
Tuniu Corporation filed for a U.S. IPO on April 4, seeking to raise as much as US$120 million.
On April 29, Tuniu submitted a revised F1 filing, planning to issue 920 American Depository Share (ADS) at $9 to $11 apiece, raising as much as US$101.2 million, down 15.67% from its original plan.
Ctrip.com has the right to appoint a new director to Tuniu’s board upon the completion of the IPO.
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 Tuniu’s 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.
Tuniu plans to list on the NASDAQ under the ticker symbol "TOUR".