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Shares in Chinese search engine Sogou remain flat after NYSE debut
10 November 2017, 06:23 | Justin Tyler
Sogou is launching American Depository Receipts on the NY exchange, with each representing one of the company's Class A ordinary shares.
Sogou's American Depositary Shares (ADSs) priced at $13, representing the top of their previously announced range of $11 to $13, according to a company announcement.
Shares then moved higher on Thursday, closing at $13.50, up close to 4 percent.
Sogou has granted its underwriters a 30-day option to purchase up to an additional 6.75 million ADS to cover overallotments.
Wang said the company intends to use the proceeds to increase investment in AI development, improving cooperation with companies that could provide exclusive and original data sets as well as research and marketing.
Sogou's IPO follows that of China Literature, a Chinese online publishing unit of Tencent, whose shares soared 86% on their Hong Kong debut on Wednesday. Calling the IPO a "milestone", he hopes that a U.S. IPO will help with hiring and make it easier to collaborate with U.S. tech companies. 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 brought in $597.2 million in revenue for 2016.
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 USA securities regulators.
Founded more than a decade ago, the company operates in an online search market dominated by Baidu Inc., which reported a $1.2 billion profit on $3.53 billion in revenue in its latest reporting quarter.
The flotation was jointly managed by U.S. banks JPMorgan and Goldman Sachs, along with Credit Suisse and China's CICC.
Sohu will remain Sogou's controlling shareholder after the IPO, while Tencent will own a 38.7 percent stake.
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