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Telstra appoints managers for Soufun float

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CIOL Bureau
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SYDNEY, AUSTRALIA: Telstra has formally kicked off the public listing of its $US1 billion-plus Chinese real estate website Soufun by appointing at least five investment banks to handle the float, The Australian IT reported today.

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UBS, JPMorgan, Goldman Sachs, Merrill Lynch and Deutsche Bank are believed to be the book runners for the float, which is not expected to hit the boards in the US and possibly China until the second half of next year, it said.

The Australian telecom player had paid $342 million for 51 per cent of Soufun in August 2006 under former chief executive Sol Trujillo.

Telstra had earlier said that it has got the go-ahead from SouFun shareholders for an IPO next year. Soufun is China's leading property website and is among the top 20 websites in the nation.

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