Latham Advised on Atour Lifestyle’s Initial Public Offering on the Nasdaq
Latham & Watkins advised the underwriters on the initial public offering of 4,750,000 American Depositary Shares (ADSs) of Atour Lifestyle Holdings Limited (Atour), a leading hospitality and lifestyle company in China, each representing three Class A ordinary shares of the company, at US$11 per ADS. The ADSs are listed on the Nasdaq Global Market under the symbol “ATAT”. BofA Securities, Inc., Citigroup Global Markets Inc., China International Capital Corporation Hong Kong Securities Limited, and CMB International Capital Limited are acting as underwriters for the offering. Redbridge Securities LLC and Tiger Brokers (NZ) Limited are acting as co-managers for the offering.
The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 712,500 additional ADSs. The total gross proceeds of the offering are expected to be approximately US$52.3 million if the underwriters do not exercise their over-allotment option, and approximately US$60.1 million if the underwriters choose to exercise their over-allotment option in full.
Atour is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. According to Frost & Sullivan, Atour is the largest upper midscale hotel chain in China in terms of room numbers as of the end of 2021, and is the first Chinese hotel chain to develop a scenario-based retail business.
The Latham team was led by Hong Kong partner Allen Wang, with partner Dominik Sklenar, Beijing counsel Wei Wei, and Shanghai associate Jasmine Hu.