Qunar shares nearly double in 1st day of trading
Shares of the Chinese travel industry search website Qunar Cayman Islands Ltd. soared on their first day of trading.
The stock rose $13.63 to $28.63 in midday trading Friday after rising as high as $34.99 earlier.
The Beijing-based company had set the pricing for its initial public offering at $15 per share, with an offering of 11,111,000 shares.
The company’s American depository shares were trading on the Nasdaq under the ticker “QUNR.”
Underwriters were given the option to buy an over-allotment of up to 1,666,650 shares. Goldman Sachs, Deutsche Bank Securities and Stifel acted as joint book-runners of the offerings.
For more on this story go to:
http://www.lasvegassun.com/news/2013/nov/03/us-qunar-cayman-islands-ipo/
See related stories from iNews Cayman:
October 30 2013 “Qunar boosts estimated IPO price range to $12 to $14 an ADS” at: http://www.ieyenews.com/wordpress/qunar-boosts-estimated-ipo-price-range-to-12-to-14-an-ads/
October 28 2013 “Short-seller’s NQ Mobile report to ‘hurt’ IPOs of Chinese firms in US” at: http://www.ieyenews.com/wordpress/short-sellers-nq-mobile-report-to-hurt-ipos-of-chinese-firms-in-us/
October 20 2013 “Qunar expects 11.1 Million ADS IPO at $9.50-$11.50 Each” at:
http://www.ieyenews.com/wordpress/qunar-expects-11-1-million-ads-ipo-at-9-50-11-50-each/
