Baidu.com (BIDU) IPO
Baidu.com prices its IPO at $27, above the $23-25 estimated range, which had already been raised form $19-21. The co, which is called the "Google of China" by some, is the most used Chinese language Internet search provider. Baidu.com was the second largest website in China and the sixth largest website globally, as measured by user traffic during JulQ.
Our Take: There is a lot of excitement about this deal as it's the largest search engine in a booming emerging economy. Also, its small size of 4.04 mln shares and the recent strong reports from fellow Chinese tech names (NTES, CTRP) is driving interest in the name. This is being led by CSFB and Goldman Sachs. Briefing.com Note: Telecom Communications (TCOM.OB) has seen a 49% advance since highlighted on Briefing Trader as a secondary play to the Baidu IPO.
PS! Baidu.com has been sued because of their mp3 search, but it probably won't slow down investor's exitement too much. Baidu.com had very successful IPO, so there are a lot of traders focusing on it right now.
Update (August 5, 2005 13:52):
Baidu.com (BIDU) is up more than 280%! Amazing!
Trader Mike: IPO Watch: Baidu.com (BIDU), the Google of China?