iQIYI, a chinese online television and movie portal owned by Baidu, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $2.3 billion by offering 125 million shares at a price range of $17 to $19. Insiders intend to purchase $200 million worth of shares in the offering. At the midpoint of the proposed range, iQIYI would command a fully diluted market value of $13.7 billion.
iQIYI was founded in 2010 and booked $2.8 billion in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol IQ. Goldman Sachs (Asia), Credit Suisse and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of March 26.
