Beijing, 29th March: Baidu, the leading Chinese-language Internet search provider, has announced the pricing of the initial public offering (IPO) of its subsidiary, iQIYI, Inc. Shares will begin trading at US$18 per American Depositary Share (ADS).
A total of 125,000,000 ADSs, each representing seven Class A Ordinary Shares of iQIYI will be sold. That results in an offering of US$2.25 billion. The company listed on the NASDAQ Global Market under the ticker symbol “IQ”.
Baidu committed to buying 8,333,333 ADSs at the IPO price. The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 18,750,000 ADS.
Source: Baidu press release