Seeking Alpha

Tuniu higher following IPO; Ctrip, Qunar, eLong also gain

  • After pricing its 8M-share IPO at $9, Tuniu (TOUR) opened at $9 but has since risen 12% to $10.08.
  • The Chinese online packaged tour seller has a market cap of $474M, or 1.5x 2013 sales. It sold 7.38M new shares, and 620K on behalf of existing holders. Tuniu had 2013 revenue of $324.2M (+75% Y/Y), and a net loss of $13.2M.
  • Chinese online travel peers Ctrip (CTRP +4.9%), Qunar (QUNR +1.8%), and eLong (LONG +1.5%) are all trading higher.
Comments (1)
  • bshort0918
    , contributor
    Comments (4) | Send Message
    I'm a bit confused by the TOUR market cap. My Thomson feed shows the market cap of 7.5 billion. I'm not in this IPO but if it's really selling at 1.5 times sales, it looks fairly cheap. Anyone have any thoughts?
    9 May, 12:57 PM Reply Like
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