Online video games maker Changyou.com successfully completed its initial public offering yesterday, and closed up 25 percent in its trading debut. Reuters reports that the company, whose ADRs are now traded on Nasdaq, had the most successful stock launch in nearly a year, and was only the third IPO in the U.S. since August 2008. It is also the largest Chinese IPO on a U.S. exchange since December 2007, according to Thomson Reuters data.
The newly public company, which is a spin-off from Chinese Internet portal Sohu.com Inc., rose as much as 50 percent during its first day of trading before closing at $20.02, up 25 percent, Reuters reports. Changyou reportedly sold 7.5 million ADRs, raising $120 million.
