With investors eager for a piece of "China's Google," Chinese search engine Baidu raised the amount of its initial public offering 14 percent, to $101 million, ahead of its market debut today, reports Red Herring. The stock will trade on Nasdaq under "BIDU." The underwriters are Goldman Sachs, Piper Jaffray, and Credit Suisse First Boston.
Registered in the Cayman Islands, Baidu is China's most popular search engine, with a 44.7 percent market share, according to iResearch. Google is second there, with 30.1 percent, and is part owner of Baidu.
Earlier this week, reports emerged that Baidu is being sued over alleged copyright infringement. "We face a higher risk of being the subject of intellectual property infringement claims in China," Baidu said in its IPO documents. "Any litigation can result in substantial costs and diversion of management resources and attention."
