eLong Plans NASDAQ IPO

Chinese online travel service provider eLong, partially owned by US online travel service giant IAC/Interactive Travel, aims to make an initial public offering (IPO) on the NASDAQ stock market.

It is to further expand business and strengthen its competitiveness against rival Ctrip. The Beijing-based company said in a statement filed to the US Securities and Exchange Commission on Thursday that the company and some shareholders intended to issue 4.385 million American depository shares (ADSs), or 8.770 million ordinary shares, on the NASDAQ under the quote of LONG.

The ADSs will be priced between US$11.5 to US$13.5 and raise as much as US$59.20 million from the IPO. But the exact IPO date has yet to be decided.

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