Baidu IPO Established At 3.7 Million Shares
Chinese search engine and possible Google acquisition Baidu had their IPO established and will be offering 3.7 million shares at an estimated $19 to $21 per.
Baidu filed their IPO on June 12 and was hoping to sell $80 million worth of American Depositary Shares according to SiliconValley.com. An amendment to their IPO finds that the company will sell 2.6 million shares, while established shareholders will provide the remaining amount, bringing the total to the reported 3.7 million. The SiliconValley report also reveals:
The underwriters, listed as Goldman Sachs (Asia) LLC, Credit Suisse First Boston and Piper Jaffray, have an option to purchase up to 391,304 additional ADSs from the company and 121,448 additional ADSs from certain selling shareholders to cover overallotments, the filing said.
Currently, Google controls around 2.6 percent of Baidu’s ordinary stock and they are not listed as one of the selling shareholders.
Baidu expects to be listed on the NASDAQ National Market and will be traded under the symbol “BIDU”.