Chinese travel website Qunar's shares more than double in debut
Nov 1 (Reuters) - Shares of Qunar Cayman Islands Ltd , a Chinese travel website controlled by internet giant Baidu Inc, more than doubled in their U.S. debut, valuing the company at $1.05 billion.
Qunar raised about $167 million after its offering of 11.1 million American Depositary Shares were priced at $15 per share, higher than the expected range.
The company's shares, which opened at $28.35 on the Nasdaq on Friday, were trading at $31.19 at 10.52 a.m. ET.
Qunar, which operates the qunar.com website, is the third Chinese company to have gone public in the United States this year.
The number of Chinese companies listing in the United States plunged from a high of 40 in 2010 to only two in 2012 as accounting scandals and a wave of delistings due to tanking stock price raised the bar for firms from the region.
Goldman Sachs (Asia), Stifel and Deutsche Bank Securities were the lead underwriters to the offering.
(Reporting by Avik Das and Tanya Agrawal in Bangalore; Editing by Saumyadeb Chakrabarty)