HONG KONG Nov 1 A Baidu Inc unit
priced its initial public offering above a revised marketing
range, raising a higher-than-expected $167 million in the deal,
IFR reported on Friday, citing sources with direct knowledge of
Qunar Cayman Islands Ltd, which provides online
travel services, priced the IPO at $15 per American Depositary
Receipt (ADR), above the indicative range of $12 to $14, added
IFR, a Thomson Reuters publication. The company had already
raised the marketing range previously from an original $9.50 to
$11.50 per ADR.
Baidu acquired a majority stake in Qunar, which means "where
are you going" in Chinese, in 2011 for $306 million, but the
company has yet to turn a profit, according to filings.
Deutsche Bank, Goldman Sachs and Stifel
led the IPO.