Sogou IPO (SOGO)

Sogou IPO (SOGO)

Postby winston » Sat Oct 28, 2017 8:16 am

Tencent supported Sogou plans to raise US$585 million in an IPO in the US

The company, born from the Chinese media company Sohu.com Inc, is marketing 45 million American depositary shares for US$11 to US$13 apiece, according to a filing on Friday with the US Securities and Exchange Commission. Sogou said it intends to use the proceeds for research and development and sales and marketing.

Sogou is the default search engine in Chinese tech giant Tencent’s Mobile QQ browser and qq.com, according to the filing. Sogou said it’s exploring additional ways to collaborate with Tencent.

Tencent is also Sogu’s largest shareholder. It has a 44 per cent stake before the offering, while Sohu holds 38 per cent.

Tencent’s China Literature, mainland’s biggest online publisher, launches IPO worth up to US$1.1 billion

Beijing-based Sogou had net income of US$56 million on total revenue of US$660 million in 2016, according to its filing. The company posted net income of almost US$100 million on revenue of US$592 million the previous year.

JPMorgan Chase&Co, Credit Suisse Group AG, Goldman Sachs and China International Capital Corp are leading the offering. The company intends to apply to list its shares on the New York Stock Exchange under the symbol SOGO.

Source: SCMP

http://www.scmp.com/tech/china-tech/art ... ion-ipo-us
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