Ctrip.com International Ltd. on Sept. 25 launched a secondary offering of 31,304,352 American depositary shares, each representing 0.125 ordinary share of the travel services company, by its shareholder Baidu Inc.
The shares represent about 30% of Baidu's stake in Ctrip and is worth approximately $1 billion based on Ctrip's current share price.
The underwriters will have a 30-day option to purchase up to an aggregate of 4,695,648 additional ADSs from Baidu, according to the release.
Ctrip will not receive any proceeds from the sale.
Goldman Sachs (Asia) LLC and J.P. Morgan Securities LLC are acting as joint book-runners for the proposed offering.
