Benzinga | Apr 13, 2021 07:23AM EDT

Trip.com Group Prices 31,635,600 Share Global Offering; Price Translates To $34.57 Per ADS

Trip.com Group Limited (NASDAQ:TCOM) ("Trip.com Group" or the "Company"), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management, today announced the pricing of the global offering (the "Global Offering") of 31,635,600 new ordinary shares of the Company (the "Offer Shares" or "Shares"), which comprises an international offering (the "International Offering") and a Hong Kong public offering (the "Hong Kong Public Offering").

The final offer price for both the International Offering and the Hong Kong Public Offering (the "Offer Price") has been set as HK$268.00 per Offer Share. Based on the ratio of one ordinary share per Nasdaq-listed American depositary share (the "ADS"), the Offer Price translates to approximately US$34.57 per ADS based on an exchange rate of HK$7.7534 to US$1.00.

Subject to approval from The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), the ordinary shares of the Company are expected to begin trading on the Main Board of the Hong Kong Stock Exchange on or about Monday, April 19, 2021 under the stock code "9961." The Global Offering is expected to close on the same day, subject to customary closing conditions.

The net proceeds to the Company from the Global Offering, after deducting underwriting fees and the estimated offering expenses, are expected to be approximately HK$8.33 billion (assuming the Over-allotment Option is not exercised). In addition, the Company has granted an over-allotment option to the international underwriters, exercisable from April 13, 2021 until the 30th day after the last day for lodging applications under the Hong Kong Public Offering, to require the Company to issue up to an aggregate of 4,745,300 additional Offer Shares at the Offer Price.

The Company plans to use the net proceeds from the Global Offering to fund the expansion of its one-stop travel offerings and improve user experience, invest in technology to bolster its leading market position in products and services and improve its operating efficiency, and for general corporate purposes and working capital needs.