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SAN FRANCISCO (AP) - Baidu.com Inc., an online search engine maker vying to become the Google of China, raised the estimated maximum price for its initial public offering by 19 percent, reflecting the high hopes of a startup with a large audience and puny profits.
The company's investment bankers, led by Goldman Sachs, set a target range of $23 to $25 per share, up from $19 to $21 per share, as they prepared to price the IPO late Thursday. Depending on investor demand, the IPO price still could be increased again.
At $25 per share, Baidu would raise $80.2 million from the sale of 3.21 million shares. Company insiders would pocket another $20.8 million by selling a total of 831,706 shares.
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