Baidu's shares quadruple on IPO

Posted on Sunday, August 07 2005 @ 10:20 CEST by Thomas De Maesschalck

China's biggest search engine, Baidu.com, had its IPO in the U.S. market on Friday and they stunned all analysts. The Chinese search engine overshadowed Google's IPO by being the most spectacular market entry in five years as the price of Baidu's shares quadrupled from $27 to a high of $151.21.

"It's just been amazing. It could be over-enthusiasm, it could be the way Google charted, but there is obviously a lot of speculative buyers who think this could be an Asian Google," said Sal Morreale, who tracks IPOs for Cantor Fitzgerald.

Baidu.com shares surged over 450 percent to a high of $151.21 during intraday trading on Nasdaq on Friday. Late in the session, they were still up almost 378 percent at $129 in hectic dealings.

More details at Reuters

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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