Ctrip.com International Ltd. on Oct. 1 completed the secondary offering of 36,000,000 American depositary shares by shareholder Baidu Inc.
The offering included the exercise in full by the underwriters of their option to buy up to 4,695,648 ADSs to cover over-allotment. The ADSs each represent 0.125 ordinary share of Ctrip.
The travel services provider priced the ADSs at $28 apiece. It did not issue or sell any ADSs in the offering or receive any proceeds from the sale.
Goldman Sachs (Asia) LLC and J.P. Morgan Securities LLC are acting as joint book-runners for the offering.
