Bitauto Plans USD 80 Mln NYSE IPO
Tencent Tech, 11/01/10
Beijing-based automotive website firm Bitauto has filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC) in preparation to raise USD 80 mln in an NYSE listing under the ticker symbol "BITA." The issuing price and time have yet to be announced. According to the prospectus, prior to the offering, Proudview Limited, which is owned by CEO Li Bin and senior VP Qu Weihai, owns 31.8% of ordinary shares, followed by DCM IV, L.P. and DCM Affiliates Fund IV, L.P. with 22.4%, Legend Capital with 12.6%, Bertelsmann Asia Investment AG with 10.8%, and NVCC Chinese New Stars I Partnership with 8.3%.
Bitauto was established in 2005 and received four rounds of funding: USD 1.3 mln on March 9, 2006 from Legend Capital and Authosis Ventures; in the second round, USD 5.41 mln from Legend Capital and Authosis Ventures on August 14, 2006 and USD 4.16 mln from DCM on August 31, 2006; in the third round, USD 1.36 mln from Legend Capital and DCM on October 24, 2007 followed by USD 1.4 mln from Hotung Venture and Georgian Pine Investments on November 23, 2007; and in the fourth round, USD 1.2 mln from Bertelsmann Asia on July 20, 2009 and follow-up investment from DCM and Hotung.
Bitauto.com and Ucar.cn provide pricing, ratings and customer feedback on new and used cars, as well as providing pricing and promotional information from suppliers to 67 partner websites. Current partners include Tencent (0700.HK), Sina (Nasdaq: SINA), Netease (Nasdaq: NTES), China Yahoo, and Tom Online (2383.HK).
Editor's Note: To view the complete prospectus, click here.
Keywords: NVCC VC Proudview Qu Weihai Internet IPO funding Bertelsmann BitAuto Legend Capital listing Li Bin Doll Capital Management automobile
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