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China's Qunar prices IPO of American depositary shares

Beijing-based search-based commerce platform for China´s travel industry Qunar Cayman Islands Ltd (NASDAQ: QUNR) said it has priced its initial public offering of 11.111m American depositary shares at a public offering price of USD 15 per ADS.

According to Qunar, the total offering size is USD 166.665m assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents three class B ordinary shares of Qunar.

The company said its ADSs began trading on the NASDAQ Global Market on November 1.

Qunar has also granted the underwriters an over-allotment option to purchase up to 1,666,650 ADSs within 30 days of TODAY.

Goldman Sachs (NYSE: GS), Deutsche Bank Securities (NYSE: DB) and Stifel (NYSE: SF) are acting as joint book-runners of this offering.

Qunar Cayman Islands is a search-based commerce platform for the travel industry in China. Founded in May 2005 and headquartered in Beijing, Qunar provides travellers with a one-stop travel information source on both PC and mobile devices.

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