Changyou.com IPO to raise up to $120 million

Sohu.com looks to Nasdaq to spin off its online gaming subsidiary.

A roadshow will begin today for a Nasdaq listing of Changyou.com, a Chinese online game developer and operator that is controlled by Sohu.com, one of China's largest Internet portals. The company expects to raise between $105 million and $120 million from what looks set to become the first Asian IPO in the US this year.

The offering consists of 7.5 million American depositary shares ADS, representing 15 million ordinary shares. Half of the ADS are backed by primary shares,...

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