Telstra (ASX:TLS) has commenced the process of listing Chinese web property SouFun in the US.
The company has filed with the US SEC a registration statement for an IPO of American Depositary Shares (ADS).
Telstra has set an indicative price range per ADS of US$40.50 ($44.45) to US$42,50, which values SouFun in the range of US$810 million to US$850 million.
The operator, which bought 50.5% of SouFun in 2006 for US$254 million, plans to sell down its entire holding.
Telstra now expects the IPO to be complete by September 30.