Changyou.com, a leading online game developer and operator in China and spin-off of leading Chinese Internet portal Sohu, raised $120 million by offering 7,500,000 at $16, the high end of its proposed $14 to $16 price range. At the $16 IPO price, Changyou will have a market value of $820 million. In 2008, the Beijing-based company booked $108 million in net income on just under $202 million in revenue, the majority of which was generated from a single game.
Changyou represents the first US-listed IPO since the February debut of pediatric nutrition company Mead Johnson (MJN), and the first China-based company to list in the US since advertising firm China Mass Media (CMM) raised $50 million back in August 2008. Shares of Changyou are set to begin trading on the NASDAQ Global Select Market on Thursday under the symbol CYOU. Credit Suisse and Merrill Lynch acted as lead managers on the deal.
