Changyou.com sees robust response to U.S. IPO: sources
HONG KONG (Reuters) - Chinese online gaming firm Changyou.com Ltd (CYOU.O) has seen solid investor demand for its $120 million Nasdaq IPO and will close its order books a day early, two people familiar with the deal said, in a sign the market for new listings is crackling back to life.
Changyou.com, which is being spun off by mainland Internet portal Sohu.com (SOHU.O), was originally set to close its share order books on Wednesday in the United States but has moved that up to Tuesday after receiving orders for "multiple" times the number of shares on offer, one person said.
The listing would be the first on Nasdaq since November, according to Thomson Reuters data, and the first on the bourse by a Chinese firm since online education and test preparation firm ATA Inc (ATAI.O) raised $46.3 million in January 2008.
The initial public offering consists of 7.5 million American Depositary Shares -- half of them new, half of them existing shares to be sold by Sohu.com -- to be priced at $14-$16 each, in a deal handled by Credit Suisse (CSGN.VX) and Merrill Lynch.
A 15 percent overallotment option would lift the size of the deal to $138 million.
Changyou.com developed the popular multiplayer online role-playing game Tian Long Ba Bu and also operates the game Blade Online under license.
(Reporting by Tony Munroe; Editing by Muralikumar Anantharaman)
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