Baidu IPO Takes Off; Up 200 Percent Within Minutes

Chinese search firm Baidu, which started trading on Nasdaq just before noon Eastern as BIDU, may wind up with the largest IPO in years. Is it irrational exuberance? TheStree.com reports that Baidu had a pre-opening market cap of about 193 times its 2004 operating cash flow of $4.5 million.
This looks like another Wall Street win for Google, which has 2.6 percent of the stock.

TheDeal: Baidu’s two largest shareholders are Redwood City, Calif.-based Draper Fisher Jurvetson ePlanet Ventures LP, which holds 25.3%, and founder and CEO Robin Li, with 22.4%

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