Iqiyi plans to issue 76.5 million American depositary shares to the public, with net income used as working capital
On the evening of January 17, Beijing time, iqiyi announced today that 76500000 American depositary shares (ADS) will be issued to the public. Each ADS represents seven Class A common shares with a par value of $0.00001.
In addition, iqiyi also plans to give underwriters the over-allotment right to purchase up to 11475000 additional shares of ADS within 30 days.
Iqiyi plans to use the net proceeds of the offering as working capital, including the repayment of existing debt.
Bank of America Securities (BofA Securities), Goldman Sachs (Asia) Limited and JPMorgan Securities are joint bookkeeping managers for the offering.
