Baidu Prices Global Offering At HK$252 Per Share

Baidu Inc BIDU priced its global offering of 95 million shares, including international and Hong Kong offerings.

• The final offer price for both the offerings has been set at HK$252 per share, amounting to maximum offering proceeds of HK$23,940 million.
• The offer price translates to $260.01 per ADS signifying a 2.5% discount to the Tuesday closing price of $266.78 under an exchange rate of HK$7.75 to $1 based on the ratio of eight ordinary shares per Nasdaq-listed ADS.
• The shares are expected to begin trading on the Main Board of the SEHK on March 23, 2021, under the stock code "9888." The global offering is expected to close on the same day.
• Additionally, Baidu had granted the international underwriters a 30-day over-allotment option to procure additional shares up to 14.25 million shares.
• The company would utilize the offering proceeds to invest in technology, enhance commercialization of its AI innovations, grow Baidu Mobile Ecosystem, and enhance and diversify monetization, working capital, and general corporate purposes.
• BofA Securities, CLSA, and Goldman Sachs are the joint sponsors and joint global coordinators for the Global Offering.
• Price action: BIDU shares traded lower by 0.98% at $264.16 on the last check Wednesday.