iQiyi opens IPO worth up to US$2.4b in New York
Print Edition
CHINESE video streaming service provider iQiyi Inc, a unit of search engine giant Baidu Inc, has launched an initial public offering in New York worth up to US$2.4 billion, seeking to expand its range of content.
The listing is expected to give the firm extra financial muscle as it squares off against rivals in the Chinese market, including Alibaba Group Holding Ltd’s Youku Tudou Inc.
It plans to offer 125 million American depositary shares priced at US$17 to US$19 each, the company said in a filing to the US Securities and Exchange Commission.
Underwriters have an option to sell an additional 18.75 million shares, which if exercised in full could bring the value of the deal to about US$2.7 billion.
IQiyi, which will list on the Nasdaq, said it expects to use about half of the proceeds to broaden and enhance its content offering while 10 percent would be earmarked to strengthen technology. The rest would go toward general corporate purposes.
Baidu owns 80.5 percent of the Netflix-like video platform and will continue to be its controlling shareholder upon completion of the offering. At the end of February, iQiyi had 60.1 million subscribers, over 98 percent of whom were paying members, it said.
IQiyi saw its 2017 revenue jump to 17.38 billion yuan (US$2.7 billion), up 55 percent over the previous year. It made a net loss of 3.74 billion yuan.
Bilibili, another Chinese video streaming company, also set tentative pricing for its New York listing, seeking to raise as up to US$525 million.
Its depository shares will be offered between US$10.50 and US$12.50 each. The deal has an option for an extra 6.3 million shares to be sold.
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