Online travel service provider Qunar Cayman Islands Ltd had laid out plans to raise as much as USD125 million in the what would be the largest US IPO of a Chinese company in two years, The majority shareholder of Qunar is Baidu Inc.
Qunar currently runs the most popular mobile travel app in China. It would be selling American depositary shares as well as list in the New York Stock Exchange, This was the plan outlined in its filed documentatuon with the US Securities and Exchange Commission, Goldman Sachs would be working with Deutsche Bank AG as lead underwriters for the deal.
Baidu is China's largest search engine and it paid USD306 million back in 2011 to obtain majority interest in Qunar. Qunar's reported sales revenue reached USD58.5 million for the first half of 2013 and a net loss of just USD2.8 million during the same period ending June 30.
The previous largest IPO by a Chinese firm in the US market was Tudou Holdings Ltd, which raised USD174 million in its August 2011 offer. Tudou, a video website, was later acquired by Youku Inc, China's largest online video company in August 2012.
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