Chinese Search Engine Enjoys Massive IPO
China’s largest search engine Baidu, who recently declined further offers from Google to buy a bigger stake, had an amazing first day on Nasdaq. Seriously, nobody expected this one. The closing price is 122.44, and that’s +95.54 over the opening price, which represents a gain of +353.85%.
Wow, wow and wow again…
From CBS Marketwatch comes more about the Baidu IPO:
To the amazement and even awe of many traders on Wall Street, Baidu shares traded Friday at a current high of $151.21, more than five times its initial price of $27.
In recent trading, Baidu traded at $128. At that price, Baidu is valued at some $4.3 billion, assuming 34 million shares outstanding. That means this company is trading at 143 times expected revenue!
Hello Web 2.0…