 |
Sohu.com Makes A Flat Debut on the Nasdaq
Shares of Sohu.com hovered close to their lower-than-expected offering price on Wednesday after the Chinese Internet portal made its public debut on the Nasdaq.
Sohu.com priced its initial public offering at $13 per share, far below a recently increased target range of $16 to $19 per share. The company's shares opened at 13-1/32, briefly touched a high of 13-25/32 and slipped to a low of 12-5/8 shortly after trading.
Two weeks ago, the company raised its target IPO range price from $13-$16 a share to $16-$19, a move criticised by some company watchers at the time as overly aggressive.
Sohu.com, whose initial investors include Intel Corp. and Dow Jones & Co. Inc. among others, is the third horizontal portal from China to list on the technology-driven Nasdaq this year.
The firm followed the lead of competitors SINA.com, which raised $68 million in April, and Netease.com Inc., which raised $69.75 million in June.
Sohu.com raised $59.8 million through the deal with the help of underwriter Credit Suisse First Boston. Sohu says it plans to use the IPO proceeds to buy equipment, strengthen marketing and make acquisitions.
In This Section
|