Ctrip’s $2.3b equity combo a roaring success

China’s leading travel agency completes the largest dual-tranche equity fundraising ever from an Asia ex-Japan issuer.

Chinese travel giant Ctrip.com International got overwhelming demand for its $2.3 billion dual-tranche equity offering this week, showing international investors' confidence in China's burgeoning travel market.

Nasdaq-listed Ctrip's success was underlined not only by the fact it put together one of the biggest order books for an Asian issuer in recent years but also the extremely tight pricing it achieved for both its convertible bonds and a secondary offering of American Depositary Shares ADS

Ctrip broke with the usual practice for equity deals from US-listed companies, which typically run over the course of two days. Instead, Monday's Labour Day holiday stateside left it to...

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