Monday, 20 November, 2017

Shares in Chinese search engine Sogou remain flat after NYSE debut

Tencent-Backed Sogou Prices US IPO At Top End Of Indicative Range - Source Sohu.com Unit Sogou Prices IPO Of 45 Mln ADS At $13/share; To Raise $585 Mln
Frank Williams | 10 November, 2017, 18:21

Newly listed shares of search engine Sogou Inc. rose in their NY trading debut after pricing at the top of their range, as investors were enticed by the company's close ties to internet giant Tencent Holdings Ltd.

The $585m raised does not take into account a so-called "greenshoe option" which allows the underwriters of the IPO to sell a further 6.75 million shares to cover oversubscriptions.

At the close of trading, shares in Sogou were priced at $18.50, up 3.9 percent on its IPO price.

Proceeds from the offering will be used for research and development and marketing purposes, Sogou said in its IPO filing.

Sougou's IPO price was set at the top of its $11-$13 range for its 45 million American depositary shares.

The failure of the market to fully embrace Sogou's float and drive its share price north is not fully clear given previous Chinese tech companies going public in the USA have been popular.

BBC stars highlight equal pay day
It said the date, 10 November, had not shifted for the past three years because of the lack of progress closing the gap. With all the intelligence we have in the world, the gender pay gap is a solvable - and should be a solved - problem.

Sogou isn't the only large Chinese float this week, with another Tencent part-owned company China Literature Ltd. going public in Hong Kong Wednesday. Most surveys cite Baidu as the market leader with more than 50% share, while Sogou usually finishes third with about 15%, behind No. 2 player Qihoo 360.

Sogou expects the size of the domestic online search industry will balloon to $30.7 billion in 2021 from $11.5 billion in 2016, driven by the hundreds of millions of Chinese who browse the internet on their mobile phones.

Sogou, the default search service on Tencent's Mobile QQ browser and qq.com, has about 483 million mobile monthly active users, according to its IPO paperwork with US securities regulators.

Sogou is the latest in a string of private Chinese internet companies to make offshore listings over the last two months.

JP Morgan, Credit Suisse, Goldman Sachs and CICC were among the top underwriters of the offering.

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