News: Baidu looks to raise $3.03 billion in Hong Kong listing.
HONG KONG (Reuters) – Chinese search engine company Baidu Inc plans to raise up to $ 3.03 billion by selling 95 million shares, books opened for listing in Hong Kong on Thursday.
The shares are valued at a price of no more than HK $ 295 per share for individual shareholders and represent 3.4% of the company’s total stock, according to documents submitted to the Securities and Exchange Commission.
Institutional investors could pay more for the shares, a term sheet obtained from Reuters shows without specifying a range.
One Baidu ADR is equal to eight of its Hong Kong shares, the records show.
Another 14.25 million shares can be sold under what is known as a greenshoe option, which, according to the term sheet, would increase the size of the issue to $ 3.48 billion.
The final price for Baidu’s shares will be set on March 17th and trading in the Hong Kong market will begin on March 23rd, it said.
Reporting by Scott Murdoch in Hong Kong and Yingzhi Yang in Beijing. Editing by Jason Neely and Mark Potter
Original Source © Reuters