Bilibili Nasdaq Debut: IPO valued at $483 mln, share prices drop on first trading day
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An eventful Wednesday also for Chinese online video platform Bilibili, which went public on Nasdaq Stock Market at 11.5 US dollars per share. The total offering is worth 483 million dollars.
However, its shares suffered a rocky first day as US tech stocks all experienced huge volatility. It began trading at 9.80 dollars per share, that's down almost 15 percent from its initial pricing. It eventually climbed back to close at 11.24 dollars per share. The nine-year-old video streaming company has evolved into a full-spectrum platform for videos, live broadcasting and mobile games. Company CEO Chen Rui said money raised from IPO will be used to improve the website, content quality and staffing. And today, another Chinese online video website, the Baidu-affiliated iQiyi, will debut on Nasdaq.