Davis Polk advised Qunar Cayman Islands Limited (Qunar) on its SEC-registered initial public offering of 12,777,650 American depositary shares (ADSs), representing 38,332,950 Class B ordinary shares of Qunar, at $15 per ADS. The initial public offering included 1,666,650 ADSs purchased by the underwriters pursuant to an over-allotment option. The total proceeds from the initial public offering was $191.7 million. Davis Polk also advised Qunar on its concurrent private placement of 1,000,000 Class B ordinary shares to Jaguarundi Partners, LLC at the initial public offering price for a total purchase amount of $5 million. 

Goldman Sachs (Asia) L.L.C., Deutsche Bank Securities Inc. and Stifel, Nicolaus & Company, Incorporated acted as joint book-runners of the offering. Pacific Crest Securities LLC and China Renaissance Securities (Hong Kong) Limited acted as co-managers of the initial public offering.

Qunar is listed on the NASDAQ Global Market under the symbol “QUNR.” Headquartered in Beijing, China, Qunar is the leading search-based commerce platform for the travel industry in China. Qunar aggregates and processes highly fragmented travel product information from tens of thousands of travel service providers, and presents such information to users in an organized and user-friendly fashion, enabling the users to find best-value deals. According to iResearch, Qunar ranked No. 1 among all non-state-owned online travel companies in China in terms of monthly unique visitors since November 2010. 

The Davis Polk corporate team included partner Li He and associate Liang (Alex) Tao and Qin Zou. Partner John D. Paton and counsel Alon Gurfinkel provided tax advice. Counsel Jeanine P. McGuinness provided regulatory advice. Counsel Catherine L. Martin provided 1940 Act advice. Pengyao (Raymond) Lai and Ying Liu were the legal assistants on the transaction. Members of the Davis Polk team are based in the Beijing, Hong Kong, London, Washington DC and New York offices.