The IPO was called off for tomorrow by Goldman and then they changed their minds again. It's on for tomorrow.....
(but they may change their mind again before morning, so who knows?)
UPDATE 1-Baidu.com to price IPO later Thursday-underwriter
Thu Aug 4, 2005 07:47 PM ET
(Recasts, adds details)
NEW YORK, Aug 4 (Reuters) - China's largest Web search engine, Baidu.com Inc., is expected to price its widely watched initial public offering late Thursday after all, underwriter Goldman Sachs said on Thursday, after overcoming an unexplained last-minute hitch.
A Goldman Sachs spokesman said earlier Thursday the pricing had been delayed for the offering of 4 million American depositary shares (ADS). No reason was given.
A spokesman for Baidu declined to comment.
The Beijing-based company, which is 2.6 percent owned by worldwide search leader Google Inc. (GOOG.O: Quote, Profile, Research) , on Wednesday increased its offering to 4 million ADS, from 3.7 million, and raised its target price to $23 to $25 from $19 to $21 per ADS.
According to an amended offering document filed with the U.S. Securities and Exchange Commission, Baidu.com plans to sell 3.2 million shares and selling shareholders will offer 831,706 shares, raising about $100 million.
Baidu.com, whose name comes from an ancient Chinese poem about a man in search of love, is set to make its market debut on Nasdaq on Friday under the symbol "BIDU".
Comparisons between Baidu and world search leader Google Inc. (GOOG.O: Quote, Profile, Research) , which owns 2.6 percent of the Chinese company, has sparked interest in the offering although analysts have said it is hard to justify Baidu's valuation.
The mid-point of its $23 to $25 price range would give Baidu a price-to-earnings ratio of 67 for 2005, said one analyst, while its rivals command lower multiples, led by Yahoo Inc. (YHOO.O: Quote, Profile, Research) with a p/e ratio of 60 and Google at 58.
Credit Suisse First Boston and Piper Jaffray are the other underwriters in the deal.
PP
