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Capital Markets

Tencent-backed Sogou plans to raise up to $585 million in US IPO

HONG KONG (Nikkei Markets) -- Chinese search engine Sogou expects to raise up to $585 million in an initial public offering in the U.S., according to a filing with the Securities and Exchange Commission.

The company, backed by Tencent Holdings, is offering 45 million American depositary shares in an indicative price range of $11 to $13 apiece. Tencent currently holds a 43.7% stake in the company, while Chinese media company Sohu owns 37.8%.

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