By Dow Jones Business News, October 18, 2013, 06:20:00 PM EDT
By Anna Prior
Qunar Cayman Islands Ltd., a unit of Chinese search-engine company Baidu Inc. (BIDU, K3SD.SG), said Friday via a
filing that its initial public offering of 11.1 million American depositary shares is expected to price between $9.50
and $11.50 a piece.
The company, which operates China's top-ranked travel search engine--Qunar.com--filed plans for an IPO in September
and said it expected to use 30% of proceeds to invest in technology, infrastructure and product development efforts;
about 20% to expand the company's sales and marketing efforts; and the remaining amount for general corporate purposes.
The IPO would be one of the biggest listings by a Chinese company in the U.S. since 2011, when concerns over
accounting frauds at U.S.-listed Chinese firms doused interested in Chinese companies.
Baidu became Qunar's largest shareholder in 2011, when it invested $306 million in the company, which provides a
search engine for airline, train, hotel and tour packages, and offers group-buying deals and user discussion forums on
Qunar said it has applied to have its ADS listed on the Nasdaq Global Select Market under the symbol QUNR.
Write to Anna Prior at firstname.lastname@example.org
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