Chinese search engine considers IPO
3 February 2005
Top Chinese Internet search engine Baidu.com is reportedly planning to raise around $200 million (£106 million) in a US stock flotation this year.
Google experienced a phenomenally successful initial public offering (IPO) last August and the search giant holds a small stake in the Chinese firm.
Baidu is believed to be looking at an IPO as early as the first half of the year on either the Nasdaq or New York exchange. The company plans to sell about 25 per cent of its capital through the deal, which would value the firm at roughly $800 million.
Founded in 1999, Baidu became profitable last year and has been growing its revenue by about 150 per cent a year.
Investment banks Credit Suisse First Boston and Goldman Sachs are expected to underwrite the IPO, according to reports.
China's online search business is expected to become increasingly competitive over the next few years, as the country's net use rises.
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