Report
Zhen Zhou Toh
EUR 88.49 For Business Accounts Only

Atour Lifestyle Holdings IPO - Reasonable valuation for a growing brand

Atour Lifestyle Holdings (ALH) is looking to raise up to US$300m in its U.S. IPO.

Atour Lifestyle Holdings is the largest upper midscale hotel chain in China in terms of the number of rooms as of December 2020, as per Frost & Sullivan (F&S).

Overall, Atour is an emerging upper midscale hotel brand. It has visible growth as per its pipeline of hotels and it is also the leader in the upper midscale hotel subsegment in China in terms of room. Its RevPAR, occupancy, and ARR compared to economy and luxury hotel operators in China is the highest.

In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.

Our previous coverage of the IPO:

Atour Lifestyle Holdings Pre-IPO - Visible growth, resilient operations
Underlying
Atour Lifestyle Holdings

Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Analysts
Zhen Zhou Toh

Other Reports on these Companies
Other Reports from Aequitas Research

ResearchPool Subscriptions

Get the most out of your insights

Get in touch