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IQIYI prices IPO

Chinese video streaming platform iQIYI, Inc., often called the "Netflix Inc. of China," has priced its initial public offering.

The IPO comprises 125 million American depositary shares, each representing seven Class A Ordinary Shares of iQIYI at $18 per ADS for a total offering size of $2.25 billion, assuming the underwriters do not exercise their option to purchase additional American depositary shares, the company said March 29.

The ADSs have been approved for listing on the Nasdaq Global Market and are expected to begin trading today under the ticker symbol IQ. Also, the companies have been subscribed for, and have been allocated 8,333,333 ADSs by the underwriters in this offering at the IPO price.

The Baidu Inc. unit granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to buy up to an additional 18,750,000 ADSs.

Goldman Sachs (Asia) LLC, Credit Suisse (USA) LLC and Merrill Lynch Pierce Fenner & Smith Inc. are acting as joint book runners for the offering. The co-managers of the offering are China Renaissance Securities (Hong Kong) Ltd., Citigroup Global Markets Inc., and UBS Securities LLC.

IQIYI, together with its subsidiaries, provides online entertainment services under the iQIYI brand name in China.