Qunar.com increases price range to $12 to $14, proposed deal size is now $156 million
Qunar Cayman Islands, a Chinese travel fare comparison website owned by Baidu, raised the proposed deal size for its upcoming IPO on Wednesday. The Beijing, China-based company now plans to raise up to $156 million by offering 11.1 million shares at a price range of $12 to $14. The company had previously filed to offer the same number of shares at a range of $9.50 to $11.50. At the high end of the revised range, Qunar would raise 33% greater proceeds than previously anticipated.
Qunar, which was founded in 2005 and booked $107 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol QUNR. Goldman Sachs (Asia), Deutsche Bank and Stifel are the joint bookrunners on the deal. It is expected to price during the week of October 28, 2013.