IFM Investments, which holds the China franchise for the Century 21 brand, has started bookbuilding for an initial public offering on the New York Stock Exchange NYSE, making it the second Chinese real estate services provider to test the appetite of US investors in just over three months.
The company, known as Century 21 China Real Estate, provides brokerage and mortgage services for the secondary real estate market in China, and aims to raise between $146 million and $179 million ahead of the listing.
The Beijing-based company is offering 16.65 million new American depositary shares ADS, each equivalent to 15 common shares, at a price between $8.75 and $10.75. The price range represents...
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