'Chinese Netflix' iQIYI prices IPO at midpoint of expected range to raise $2.25 billion
Beijing-based IQIYI Inc. said Thursday its initial public offering priced at $18 a share, as the online entertainment company raised $2.25 billion. The IPO was expected to price between $17 and $19 a share. The 125 million American Depositary Shares sold in the offering will be listed on the Nasdaq Global Market under the ticker symbol "IQ." IQIYI, billed as the "Chinese Netflix," granted the underwriters of the offering options to buy an additional 18.75 million ADS. Goldman Sachs (Asia), Credit Suisse (USA), Merrill Lynch, Pierce, Fenner & Smith are the joint bookrunners. IQIYI is going public a day after China-based Bilibili Inc. , which was billed as the "largest online entertainment platform for Generation Z in China," pulled in $483 million in its IPO. The Chinese companies have gone public at a time that the Renaissance IPO ETF has gained 0.5% over the past three months, while the S&P 500 has lost 2.6%.
