Morning Report: iQiyi, the Baidu-backed video company, priced its IPO mid-range at $18 per share, raising billions.
This morning, we have a quick IPO update for you. iQiyi priced its IPO at $18 per share, mid-range between its proposed range of $17 and $19 per share. The firm raised $2.25 billion in the transaction. iQiyi’s shares have yet to open this morning. We’ll update this post later with the firm’s first-day performance.
What to know about iQiyi? The video-focused firm raised $1.9 billion (per Crunchbase) as a private company. It needed the huge capital base, and its IPO haul, due to its unprofitability. The firm’s operating loss in 2017, for example, came to $607.6 million.
Still, with an enormous hunk of cash in its pocket, the firm now has quite a lot more firepower than it did earlier this week.
Sticking to the topic, lost amidst the rest of the news was the recent debut of Bilibili, another China-based firm that listed in the United States this week. The firm priced at $11.50, raising just under $500 million in its IPO. It also priced mid-range. Today, after one full day’s trading, the firm is worth $11.37 per share after a rough start to its public life.
Bilibili, a “video-sharing and game site” according to Crunchbase, raised just a few dozen million as a private company.
We’ll have more once the companies’ newly-public shares settle and market cap numbers harmonize a bit. For now, that’s two more 2018 IPOs in the bag.
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Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.
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