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Baidu's travel site Qunar.com sets terms for $117 million IPO

Posted
10/18/2013 6:33:00 PM
By: Renaissance Capital
Referenced Stocks:QUNR

Qunar Cayman Islands (Qunar.com), a Baidu subsidiary website that lets consumers compare hotel and travel info, announced terms for its IPO on Friday. The Beijing, China-based company plans to raise $117 million by offering 11.1 million ADSs at a price range of $9.50 to $11.50. At the midpoint of the proposed range, Qunar.com would command a fully diluted market value of $1.2 billion.

Qunar.com, which was founded in 2005 and booked $107 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol QUNR. Qunar Cayman Islands initially filed confidentially on April 12, 2013. Goldman Sachs (Asia), Deutsche Bank and Stifel are the joint bookrunners on the deal.