Wednesday, China Real Estate Information Corp. (CRIC) closed its initial public offering of a total of 20.7 million ADS' at the public offering price of $12.00 per ADS. Total proceeds to the company from the IPO are approximately $231 million after deducting underwriting discounts and commissions. The total number of ADS' sold by the company includes 2.7 million ADS' sold following the underwriters' over-allotment option, which was exercised in full.
Upon the closing of the IPO, China Real Estate Information also completed the previously announced merger with the online real estate business of SINA Corp. (SINA). Upon the completion of the IPO and the SINA Transaction, E-House Holdings Ltd. (EJ) remained the majority shareholder of China Real Estate Information with 50.04% of the total outstanding shares, and SINA became the company's second largest shareholder with 33.35% of the total outstanding shares.
China Real Estate Information Corp. provides real estate information and consulting services. The company offers land acquisition, real estate development, and marketing consulting services.
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