China's Lashou planning US IPO

Updated: 2011-09-09 13:20


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China's leading group-buying website is planning an initial public offering in the US, but has not yet set a timeline, Bloomberg reported.

The company is looking for advisers to replace Morgan Stanley and Goldman Sachs, which are underwriting the IPO of rival Groupon Inc, Bloomberg said, citing people familiar with the matter.

Lashou has retained at least one new bank and is looking for more, the report said.

In April, the company raised $110 million from investors including GSR Ventures, valuing the company at $1.1 billion.

Earlier this week, Reuters reported that Groupon has put its IPO on hold for at least a few weeks, hoping to wait out the prevailing global market turmoil while dealing with regulatory questions surrounding its highly anticipated public float.