Telstra to sell SouFun stake in IPO ‎

Telstra business Ltd IPO says it will put up for sale its 50.5 per cent split in SouFun Holdings when the Chinese real estate website has an early public offering (IPO) later this year.

SouFun filed a register declaration for an IPO of American Depositary Shares (ADS) on behalf of the Class A ordinary shares of the real estate company, Telstra said.

The first share offer is listed to be finished by September 30, 2010.

An indicative price range per ADS of $US40.50 to $US42.50 would value 100 per cent of SouFun at about $US810 to US$850 million ($A889.33 to $933.25 million).

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