Venture-Backed Qunar.Com Files For $125M IPO

Beijing-based Chinese online travel search engine has filed with the Securities and Exchange Commission for a US$125 million IPO on the NASDAQ.

GSR Ventures and Hillhouse Capital Management, both based in Beijing, invested in Baidu during its venture rounds. GSR Ventures holds around 6.27%, and the stake held by Hillhouse was not disclosed.

In 2011, Baidu paid US$306 million for a majority stake in Qunar and currently holds a 61.05% stake before the company’s IPO.

Qunar reported sales of US$58.5 million for the six months ended June 30, 2013, and a net loss of US$2.8 million.

Qunar plans to trade under the ticker symbol "QUNR".

Goldman Sachs (Asia) and Deutsche Bank Securities are serving as co-lead underwriters.

(Update on Nov 13, 2013: raised a total of US$166.7 million in the IPO, according to an updated prospectus.) 

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