Universal Travel Group, a China-based travel seller trading on the New York Stock Exchange, revealed it will attempt to raise $20 million in a public offering.
Universal Travel Group, which competes with the likes of Ctrip and eLong, sells air, hotel and packaged tours online and offline, and operates TripEasy kiosks in malls, office buildings and tourist websites.
Headquartered in Shenzhen, China, Universal Travel Group would use the proceeds to fund the cash portion of four recently announced acquisitions of travel agencies and to expand its operations.
The company has priced its offering of more than 2.8 million shares of its common stock at $7 per share.
June 21 is the day the offering is expected to close, the company says.