LY.com, the China-based online travel guide publisher backed by travel agency Ctrip, has launched an initial public offering in its home country, China Money Network reported on Friday citing local media.
Founded in 2004, LY.com operates an online service that enables users to search for specific sites of interest within defined geographical areas, and also operates as a portal for users to book visits to places of interest such as zoos or museums.
Ctrip invested $200m in Tongcheng Network, LY.com’s parent company, in April 2014 through its Shanghai Ctrip International Travel Agency affiliate, becoming the company’s largest external shareholder in the process.
LY.com previously raised an undisclosed sum from venture capital firm Cowin Venture Capital in 2008, before receiving an undisclosed amount from internet company Tencent in 2012, according to China Money Network, which also named investment firms Boyu Capital and Oriza Holdings as investors.
Details concerning the size of the IPO or the stake held by Ctrip or LY.com’s other shareholders have not been disclosed.
Tencent and property-focused conglomerate Dalian Wanda Group have reportedly agreed to acquire shares in the IPO, though the amount has again not been disclosed.