Westports raises $624 million and Baidu unit files for US IPO

The recent spike in IPO activity continues with Philippine casino operator Travellers and NW Hotel Investments flagging they are ready to launch after a three-month delay and Qunar planning the largest Chinese listing in the US in two years.
Qunar, which is 61% owned by Nasdaq-listed Chinese search engine provider Baidu, filed an application for a $125 million IPO on the New York Stock Exchange.
Qunar, which is 61% owned by Nasdaq-listed Chinese search engine provider Baidu, filed an application for a $125 million IPO on the New York Stock Exchange.

Hong Kong and China may have been on holiday for Chinese National Day, but there was still quite a lot of Asia-related equity capital markets activity as the fourth quarter kicked off on Tuesday.

In Malaysia, Westports Holdings priced its initial public offering at the top of the range to raise M$2.03 billion $624 million in the country’s largest IPO so far this year. The M$2.50 price was no surprise as more than 80% of the deal had been tied up with ethnic Malay investors and cornerstone at that level before the order books opened and the portion left for other international investors was significantly over-subscribed.

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