Chinese search engine boosts IPO offering
5 August 2005
Baidu.com has raised $109 million in an initial public offering (IPO).
The search engine announced that it had raised the number of shares in its IPO earlier this week by 30 per cent in order to meet investor demand.
Baidu planned to raise up to $101 million in its inaugural float on the Nasdaq New York stock market and plans to use the cash to increase its share of China's burgeoning online advertising market.
The Beijing-based firm raised the number of shares it was selling to 4.04 million from 3.7 million and sold the shares at $27 each, in excess of the $23-to-$25 range outlined in a filing with US regulators.
Goldman Sachs Group, Credit Suisse First Boston and Piper Jaffray & Co managed Baidu.com's share sale, which represented about 13 per cent of the company.
Baidu.com was founded in 2000 and search giant Google owns about 2.6 per cent of the company. The name comes from a poem written during China's Song dynasty about a man searching for his lover.
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