China search engine Sogou targets US$5b IPO

Beijing

CHINA'S third biggest search engine expects to hold a US initial public offering at a valuation of as much as US$5 billion as it raises cash to close the gap with leader Baidu Inc in the mobile market.

Sogou, whose name means "search dog", plans to sell about 10 per cent of its shares in an IPO that will probably be held this year, chief executive officer Wang Xiaochuan said. The company, which is backed by social media giant Tencent Holdings Ltd and Sohu.com Inc, hasn't formally hired banks to run the listing. Sohu shares rose the most in 10 months.