Shares of Sohu.com (SOHU) surged 12% in New York trading on Monday to mark its biggest intraday gain since 2012 after the Chinese internet company announced that it will take its mobile search engine subsidiary public this year.
Bloomberg reports that Sohu told investors on Monday that it plans to file paper work with the U.S. Securities and Exchange Commission for an initial public offering of Sogou this year. However, it did not say how many shares would be offered or at what price.
Sogou is China’s third largest search engine and is the crown jewel in Sohu’s business portfolio. Sogou reported a 20% increase in revenues for the June quarter compared to a year ago against a 10% rise in Sohu’s overall top line.
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