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Group-buying 55tuan may start road show for US IPO soon

Jan. 20, 2012 (China Knowledge) -, a group buying company in China, may launch the road show for its initial public offering in the U.S. with estimated fundraising between US$100 million and US$200 million in the upcoming China's Lunar New Year holidays, said a person familiar with the matter.

Swiss investment bank UBS AG has been assigned for the IPO, the person added.

An analyst said that purposely chose the upcoming holiday to kick off its IPO road show to avoid adverse impact from public opinion.

The IPO move came after leading Chinese group buying company delayed its U.S. IPO last November due to volatile market.

Statistics indicated that, which had 6.7 million registered users at the end of last September, reaped US$3.6 million in operating revenue with operating loss of US$65 million in the first nine months of 2011.

By contrast, was more competitive, said analysts, adding that the firm, which had 16.8 million registered users at the end of last September, saw operating revenue reach US$16.85 million in the nine-month period, but also suffered US$91.34 million in operating loss.

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