Chinese search engine Sogou's US IPO priced at $13/ADS (updated)
09/11/2017 03:55
(Adds details from company statement)
By Nikhil Subba
Nov 8 (Reuters) - Sogou Inc SOGO.N , China's second-largest
search engine, said its initial public offering was priced at
$13 per American Depositary Share (ADS), raising $585 million, .
The 45 million ADS offering, with each ADS representing one
Class A ordinary share, was priced at the top end of the
expected range of $11-$13. urn:newsml:reuters.com:*:nPn35NQnna
The stock will be listed on the New York Stock Exchange on
Thursday under the symbol "SOGO".
Chinese tech giant Tencent Holdings 0700.HK , a major Sogou
shareholder, uses Sogou Search as the default search engine in
its Mobile QQ browser and qq.com site.
Sogou is a unit of China's Sohu.com Inc SOHU.O , an
internet service company that includes search and gaming
platforms. Sohu.com will remain as Sogou's controlling
shareholder after the IPO.
Underwriters will have the option to buy up to an 6.75
million more shares to cover over-allotments, Sogou said.
Proceeds from the offering will be used for research and
development and marketing purposes, Sogou said in a filing.
Beijing-based Sogou, which competes with Baidu BIDU.O and
Alibaba's BABA.N UCWeb, reported a net income of $66.7 million
for the nine months ended Sept. 30, compared with $45.4 million
for the same period a year earlier.
J.P. Morgan, Credit Suisse, Goldman Sachs and CICC were
among top underwriters to the offering.
(Reporting by Nikhil Subba and Bhanu Pratap in Bengaluru;
Editing by Peter Cooney and Gopakumar Warrier)
((Nikhil.Subba@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 806 749 4992; Reuters Messaging:
Nikhil.Subba.thomsonreuters.com@reuters.net))
Keywords: SOGOU IPO/PRICING