Chinese hotel group Atour Lifestyle files for IPO with plans to list on Nasdaq

China’s Atour Lifestyle Holdings Ltd. filed for an initial public offering on Friday with plans to list on Nasdaq under the ticker “ATAT.” BofA Securities and Citigroup are leads in a syndicate of six banks working on the deal. The company, which started life as a hotel chain, will use the proceeds to expand its hotel network in China, to develop new brands and products for its portfolio, to upgrade IT and to pursue strategic acquisitions, including M&A and joint ventures, should it identify suitable targets. The company had a profit of $10.3 million in the first six months of the year on revenue of $144.3 million. “Setting out as an upper midscale hotel chain group, we are now a leading lifestyle brand in China,” the company says in its prospectus. The Renaissance IPO ETF IPO, -4.71% has fallen 43% in the year to date amid a severe drought in deals, while the S&P 500 SPX, -1.34% has fallen 18%.