Yes, some companies are still brave enough to file for IPOs: Changyou.com, the online gaming division of Chinese online and mobile portal giant Sohu (NSDQ: SOHU), has filed to raise up to $120 million in an IPO. It will be traded on the Nasdaq under the symbol CYOU. It will issue 7.5 million American depositary shares at $14 to $16 a share, with the underwriters being Credit Suisse and Merrill Lynch.
Sohu reorganized recently and made the gaming division into a separate unit. According to the prospectus filed, Changyou.com has a net income of $108 million, on revenues of $202 million in 2008, up in a big way from net income of $5.3 million on revenues of $42 million in 2007. Sohu will remain the majority shareholder after the IPO.
Changyou.com developed the popular multiplayer online role-playing game Tian Long Ba Bu and also operates the game Blade Online under license, and will kick off its investor marketing roadshow in Hong Kong on Thursday; it will price the deal on April 1, reports Reuters, citing sources. Of course this is just an initial filing for now. More details in the release here.
{"source":"https:\/\/gigaom.com\/2009\/03\/18\/419-chinese-portal-sohus-gaming-division-files-for-120-million-ipo\/wijax\/49e8740702c6da9341d50357217fb629","varname":"wijax_18cef7fc9d75fa7b1db974744927af83","title_element":"header","title_class":"widget-title","title_before":"%3Cheader%20class%3D%22widget-title%22%3E","title_after":"%3C%2Fheader%3E"}