Chinese travel site Qunar on Friday surged 89% on its US stock market debut, further evidence of investors’ increasing confidence in such listings from mainland groups.
The offering of 11.1 million American Depository Shares by Qunar was priced at $15, about 7% above the high end of price guidance of $12-$14, which had been increased from $9.5-$11.5.
Qunar’s shares closed at $28.4 on the Nasdaq stock exchange.
The listing came one day after that of online classified website 58.com, which also set the final pricing beyond the revised range and enjoyed a 42% increase on the first trading day.
Investors...
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