Sohu.com Makes A Flat Debut on the NasdaqShares 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. |
| People's Daily Online --- http://www.peopledaily.com.cn/english/ |