Asia Pacific's online travel giant Trip.com Group is looking to raise as much as $1.4 billion from a secondary listing of shares on the public markets.
The company, which runs the Ctrip, Qunar, Trip.com and Skyscanner brands, will place 31.6 million shares on the Hong Kong Stock Exchange.
The second IPO will be the first online travel company to proceed with a dual listing in both the U.S. and Hong Kong.
Trip.com Group, formerly known as Ctrip Group, first listed on the public markets in the U.S. in 2003.
The company says it will use the proceeds from the second listing to fund the expansion of its businesses, improve the group's technology and other corporate activities.
"A challenging year" was how Trip.com Group has described its 2020 financial performance, as the China-based travel giant reported annual revenues of $2.8 billion - down 49% on 2019.
The company says the fourth quarter of 2020, when revenues were down 40% compared to the corresponding period in 2019, reflected a narrowing of the declines from a pandemic-hit year as domestic travel continued its "strong recovery."
The domestic travel business contributed to "substantially all of its total revenue" in the fourth quarter at $761 million, with the group's CEO Jane Sun claiming it is prepared to take on additional share of the market when international travel returns in the coming months.
Trip.com Group's hardest hit segment in 2020 was package travel, with a 73% drop in revenue to $40 million, when compared to 2019.
In comparison, accommodation revenues fell by 47% to $1.1 billion for the full year and its corporate travel business declined by 30% to $135 million.