SHANGHAI, China, Oct. 22, 2009 (GLOBE NEWSWIRE) -- China Real Estate Information Corporation (''CRIC" or the "Company") (Nasdaq:CRIC), a leading provider of real estate information, consulting and online services in China, today announced the closing of its initial public offering of a total of 20,700,000 American depositary shares ("ADSs") at the public offering price of $12.00 per ADS (the "IPO"). Total proceeds to the Company from the IPO are approximately $231 million after deducting underwriting discounts and commissions. The total number of ADSs sold by the Company includes 2,700,000 ADSs sold pursuant to the underwriters' over-allotment option, which was exercised in full.
Upon the closing of the IPO, CRIC also completed the previously announced merger with the online real estate business of SINA Corporation ("SINA") (Nasdaq:SINA) (the "SINA Transaction").
Upon the completion of the IPO and the SINA Transaction, E-House (China) Holdings Limited (NYSE:EJ) remained the majority shareholder of CRIC with 50.04% of the total outstanding shares, and SINA became CRIC's second largest shareholder with 33.35% of the total outstanding shares.
Credit Suisse and UBS AG acted as joint book runners, and BofA Merrill Lynch acted as senior co-manager for the IPO.
About China Real Estate Information Corporation
China Real Estate Information Corporation ("CRIC") (Nasdaq:CRIC) is a leading provider of real estate information, consulting and online services with a presence in over 50 cities across China. CRIC, a subsidiary of E-House (China) Holdings Limited (NYSE:EJ), merged with the online real estate business of SINA Corporation (Nasdaq:SINA) upon the completion of CRIC's initial public offering and listing of its ADSs on the NASDAQ Global Select Market in October 2009. CRIC's proprietary, advanced and comprehensive real estate information database and analysis system provides a broad range of real estate-related services to all participants in the real estate value chain, including developers, suppliers, agents, brokers, service providers and individual consumers. CRIC's comprehensive services include subscription-based information services, customized consulting services, advertising services, and online services through several real estate websites that provide region-specific real estate information and access to online communities. For more information about CRIC, please visit http://www.cric.com.