Telstra plans SouFun IPO

Telstra has filed with the US Securities and Exchange Commission for the planned IPO of its SouFun stake. The company expects the initial public offering of American Depositary Shares to be completed on 30 September. Telstra will sell the ADS at USD 40.50 to 42.50 which values the entire company at around USD 810 to 850 million. Telstra intends to sell down its entire 50.5 percent stake in the Chinese online property site, which the company acquired in 2006 for USD 254 million. On 13 August, Telstra said it would sell shares that it is not selling at the IPO to private equity firms Apax Partners and General Atlantic, along with two other SouFun shareholders. Should the IPO not be completed within the specified time frame, the parties will buy Telstra's entire shareholding.