changyoucom-completes-first-nasdaq-listing-for-2009

Changyou.com completes first Nasdaq listing for 2009

The online gaming subsidiary of Sohu.com is successfully spun-off in a $120 million IPO.

Chinese online game operator and developer Changyou.com yesterday became the first company to list on Nasdaq in 2009 and the first Chinese company to list in the US since early August last year. The company, which is a spin-off from Chinese internet portal operator Sohu.com, set the price at the top of the indicative range, allowing it to raise $120 million.

Sources say the deal could have been priced above the initial range of $14 to $16, as is allowed in US listings, but the involved parties decided to stick with $16 to ensure stable secondary market trading. The tactics appear to have worked as the share price was up about 30%...

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