Picture this: two analysts walk into a bar and recap what happened on the stock market that day. What do you think they would talk about? If this scenario were taking place today, November 9, Chinese search engine Sogou (NYSE:$SOGO) would definitely come up in the conversation.
Beijing-based Sogou debuted on the New York Stock Exchange on Thursday, under the ticker “SOGO.”
After having priced at the top of the range at $13 per share, Sogou raised $585 million. Sogou then floated around $13.50 for most of its first trading day, ending the day at $13.51 (up 4%).
According to the company, Sogou hopes to become the Google of China. As of right now, it is the fourth largest internet business in China. CEO Xiaochuan Wang told TechCrunch that the company’s overall aim is to “make it easy for Chinese users to communicate and get information.” Wang called the IPO a “milestone,” adding that he hopes a U.S. IPO will help the company with hiring and allow them to collaborate with U.S. tech giants.
For those who don’t know, Sogou was funded as a division of Sohu, which is a Chinese internet company. Last year, Sogou brought in $597.2 million in revenue and $539.5 million the year before that.
Featured Image: twitter
