Qunar shares nearly double in 1st day of trading
NEW YORK (AP) — Shares of the Chinese travel industry search website Qunar Cayman Islands Ltd. soared on their first day of trading.
The stock rose $13.63 to $28.63 in midday trading Friday after rising as high as $34.99 earlier.
The Beijing-based company had set the pricing for its initial public offering at $15 per share, with an offering of 11,111,000 shares.
The company's American depository shares were trading on the Nasdaq under the ticker "QUNR."
Underwriters were given the option to buy an over-allotment of up to 1,666,650 shares. Goldman Sachs, Deutsche Bank Securities and Stifel acted as joint book-runners of the offerings.
Qunar was founded in 2005 and lets visitors find deals by aggregating offers from travel service providers.