Regions

Qunar.com and 58.com IPO values oversubscribed

November 3
11:35 PM 2013

Qunar, the Chinese travel site, had its share prices jump by 89% in its debut on the US stock market. This is further evidence of the world's increasing confidence in the IPO listings coming from mainland China based firms.

The IPO made was for 11.1 million American Depositary Shares, priced at USD15 per share. This is nearly 7% above the price guidance of between USD12 and USD14. This previous range was an increase from its original price range of USD9.5 and USD11.5.

Overall, shares of Qunar closed at USD28.40 per share on the Nasdaq stock exchange. 

The IPO listing comes one day after 58.com, the online classified website, also had its market debut. The final pricing for 58.com shares was revised several times and the first trading day pricing was 42% above set levels. 

Investors had booked orders more than 40% of covered amounts, according to two sources. This indicated the positive outlook of the investors, who numbered 500 all in all, in the participation in the deal and the investment in global financial long position in funds for the long run.

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