Sohu’s Gaming Division Changyou.com Preparing To File For IPO
Sohu’s gaming division Changyou.com is planning to file for an IPO. Changyou.com will trade under the NASDAQ with the symbol CYOU. Changyou.com will issue 7.5 million American depositary shares at about $14-$16 per share. The underwriters of Changyou.com are Credit Suisse and Merril Lynch.
Sohu recently had a reorganization and made the gaming division a separate unit. Changyou.com has a net income of $108 million on revenues of $202 million. Sohu will remain as the majority shareholder in Changyou.com even after the IPO. Changyou.com created a game called Tian Long Ba Bu and is also known as Blade Online. On April 1, Changyou.com will price the deal of the IPO.
[via Sohu PR]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry