Shares of Chinese automotive information provider Autohome are surging in their trading debut.
The American depositary shares are up $11.60, or 68 per cent, to $28.60 in morning trading after climbing as high as $31.37 shortly after they hit the market.
Late Tuesday, the company priced its initial public offering of 7.8 million American depositary shares at $17 each, above their projected range, for total proceeds of $132.9 million.
The offering’s underwriters also have a 30-day option to buy up to 1.2 additional American depositary shares at the IPO price for additional proceeds of $19.9 million.
Autohome provides online information, listings and reviews for Chinese automotive consumers through a pair of websites. The shares are trading on the New York Stock Exchange under the ticker symbol “ATHM.”