Chinese search-engine Sogou's IPO priced at $13/ADS
Chinese search-engine Sogou's IPO priced at $13/ADS
Pony Ma chairman and chief executive of Tencent Holdings which is launching Sogou shares in New York PA Images
10 November, 2017, 13:39
Sogou's shares closed trading at $13.50, up 3.85 percent, on the New York Stock Exchange, valuing the company at $5.29 billion in market capitalization.
Sogou's initial public offering was priced at $13 per American depository share, at the high end of the expected $11 to $13 range, and raised $585 million.
Sogou has granted the underwriters a 30-day option to purchase up to an additional 6.75 million ADSs to cover over-allotments.
China-based Sogou Inc's (N:) shares rose more than 10 percent in their USA market debut, as investors expect a massive base of Chinese smartphone users to help the Tencent-backed search engine company narrow the gap with market leader Baidu. Tencent now holds a 43.7% stake in the company, while Chinese media company Sohu owns 37.8%.
The flotation was jointly managed by United States banks JPMorgan and Goldman Sachs, along with Credit Suisse and China's CICC. The shares are expected to begin trading in the US on Thursday.
The Beijing-based company is a unit of China's Sohu.com Inc, an internet service company that includes search and gaming platforms.
Sohu will remain Sogou's controlling shareholder after the IPO, while Tencent will own a 38.7 percent stake. The company's net income for the nine months ended Sep.
Majority shareholder Tencent Holdings is a major shareholder in Sogou, which is the second Tencent-backed company to debut this week after China Literature's Hong Kong launch on Wednesday saw its shares pop 86%.
Beijing-based Sogou, which competes with Baidu and Alibaba's UCWeb, reported net income of $66.7 million for the nine months ended September 30, compared with $45.4 million for the same period a year earlier.
Sougou's IPO price was set at the top of its $11-$13 range for its 45 million American depositary shares.
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