Chinese search engine Sogou up 4% following IPO

Source NYSE

The initial public offering for China's second-largest search engine, Sogou Inc, was priced at $13 per American Depository share (ADS), according to a source close to the matter, at the top end of the expected range of $11 to $13.

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 total IPO size would be $585 million, assuming the underwriters do not exercise their over-allotment option.

Its IPO follows Wednesday's hugely successful Hong Kong IPO of China Literature Ltd (HK:), the e-book unit of Chinese internet and media giant Tencent Holdings Ltd (HK:). Sogou then hovered around $13.50 for most of its first day of trading, closing the day at $13.51, up about 4 percent.

Zhang said the company is ready to do more to compete in an intense market and needs to expand its users and advertising bases.

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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 brought in $597.2 million in revenue for 2016.

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.

JPMorgan (NYSE:), Credit Suisse (SIX:), Goldman Sachs (NYSE:) and CICC were among the underwriters to Sogou's IPO.

Notably, given potential news of a Snap Inc. takeover, Sogou's largest shareholder is Tencent Holdings Ltd., the same company that was disclosed yesterday to have taken a 12 percent stake in the Snapchat messaging app maker. The company's net income for the nine months ended Sep.

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