- IQIYI, Inc IQ priced 76.5 million American Depositary Shares at $5.90 per ADS under a secondary public offering.
- The offer price implies an 11.8% discount to IQIYI’s January 13 closing price of $6.69.
- The expected offering proceeds are $442.3 million. The underwriters have 30 days to purchase up to 11.5 million additional ADSs.
- The online entertainment video services provider plans to use the offering proceeds for working capital purposes, including serving its existing debt obligations.
- IQIYI held RMB 5.0 billion ($709.5 million) in cash and equivalents as of September 30. IQIYI held RMB 6.4 billion in convertible senior notes.
- Price Action: IQ shares traded lower by 13.68% at $5.78 on the last check Tuesday.
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