Telstra raises $320m from Autohome share sale

Telstra, the Australian telecoms and media company, raised $320 million after selling an 8% stake in Autohome, the US-listed Chinese car-trading website.

The group offloaded 6 million shares in Autohome at $42.50 per share, a 1.8% discount to the November 19 close of $43.26. Autohome shares dropped 8% from the time books opened on November 14 up to November 18 but have since recovered.

“The stock actually rallied and closed 5.2% up, which is quite unusual for US follow-ons,” noted one banker close to the deal. “But the stock had come off so much in the past few days so the move up was expected.”