Source: CNN News
By Sherisse Pham
The Netflix of China is ready for Wall Street.
Video streaming site iQiyi is getting ready for an IPO on the Nasdaq under the stock ticker “IQ.” The company filed paperwork late Tuesday to raise $1.5 billion in its offering, but the final amount could end up higher.
iQiyi said the figure was just an estimate for regulatory filing purposes. It didn’t give details on the size of the stake it plans to list. Karen Chen, an analyst at investment bank Jefferies, told CNN her team puts iQiyi’s valuation at just over $17 billion.
New York is the preferred destination for Chinese tech companies looking to go public, according to financial data firm Dealogic. Baidu, the internet firm that owns most of iQiyi, and Alibaba (BABA), China’s biggest e-commerce company, both took their IPOs to the city.
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