Chinese travel website Qunar IPO beats target

Chinese travel website Qunar.com (QUNR.NASDAQ) leapt on its first day of trading on Friday, raising US$167 million in its US initial public offering and beating its target, Bloomberg reported. Qunar Cayman Islands sold 11.1 million ADS recepits at US$15 each, with its initial target being US$9.50-US$11.50. China’s largest search engine company, Baidu (BIDU.NASDAQ), purchased a majority stake in Qunar in 2011. Qunar’s sales jumped 75% from a year earlier to $58.5 million (RMB 358.8 million) for the six months ended June 30.