- After pricing its 11.1M-share IPO at $15 (above an elevated price range of $12-$14), Qunar (QUNR) opened at $28.35 and is now at $32.30, up 115.3%. That gives the Chinese online travel site a valuation of $3.64B, which in turn means Baidu's (BIDU) 58.8% post-IPO stake is worth $2.14B.
- For reference, Qunar had 2012 sales of just $81.7M, and 1H13 sales of $58.5M (+75% Y/Y).
- Rivals Ctrip (CTRP +1.2%) and eLong (LONG +1.7%) are trading higher.
- F-1, IPO preview