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Baidu Prices IPO Above Expectations
August 5, 2005 |
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In less than 24 hours the world will know how Baidu has fared on its first day of trading on Nasdaq under the symbol "BIDU".
The Chinese search engine just priced its shares at $27 a share, above recent expectations.
On Wednesday the company increased its offering to 4 million American depositary shares (ADS), from 3.7 million, and raised its target price to $23 to $25 from $19 to $21 per ADS.
Based on its prospectus, pricing the offering at $27 per ADS will generate a market capitalization of about $856 million. Google.com owns 2.6% of Baidu.
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