China search engine company Baidu, Inc. is looking to raise up to $3.6 billion in a secondary listing which kicked off Friday with final pricing by March 17 and a debut March 23, according to a corporate filing with the Hong Kong Stock Exchange
The Nasdaq-listed company will sell 95 million shares with the retail investor portion being sold for a maximum HK$293 ($38.01), the document showed.
Baidu's U.S. stock is expected to open on the Nasdaq Friday up 1.18% at $275.60 after closing Thursday up 6.76% at $272.38.
Each Baidu American Depositary Shares will be worth eight of the company's Hong Kong shares, according to the filing.
Half of the funds raised through the listing will go to technology investments and funding Baidu's artificial intelligence projects, according to the prospectus. The rest will be spent on the company's mobile branch and for general administrative purposes.
Goldman Sachs, CLSA and Bank of America are joint sponsors of the offering, and are joined by China International Capital Corp., UBS and CCB International as joint coordinators.
While significant, the search engine's homecoming listing pales in comparison with JD.com, Inc.'s $4.5 billion 2020 listing - a figure analysts expected financial technology group Ant Group's delayed initial public offering to blow out of the water in November.
Baidu's command over technology innovation and development in China has flagged in recent years and the company has poured millions into securing the lead once more.
Last year, it became the first autonomous car developer to receive China's permission to test their vehicles in Beijing.
Baidu will likely be added to the Hang Seng technology index - which remains down 1.2% for the week after a 5% rebound Thursday following a 6.4% slide Monday - a continuance of the three week downward slip that shaved more than 26% off its value.
The chance of a further jump Friday is slim. Reuters reported 12 of China's largest technology companies - including Baidu - have been fined for monopolistic behavior by regulators. Baidu was fined 500,000 yuan ($77,000) for alleged anti-competition practices in its 2014 takeover of Ainemo Inc.
Rideshare group Didi Chuxing Technology Co. and technology conglomerate Tencent Holdings Ltd. were also among the companies named by regulators.
