Davis Polk advised the representatives of the underwriters on the initial public offering by Sogou Inc. of 45,000,000 American Depositary Shares, each representing one Class A ordinary share, for total proceeds of $585 million. Sogou has granted the underwriters an option to purchase up to an additional 6,750,000 ADSs. The ADSs are listed on NYSE under the symbol “SOGO.”
Sogou is the fourth-largest internet company in China by monthly active users in September 2017. Sogou primarily engages in search and search-related business and offers extensive products and services, including Sogou Search, the second-largest search engine in China by mobile queries in September 2017, and Sogou Input Method, the largest Chinese language input software by both mobile and PC monthly active users in September 2017.
The Davis Polk corporate team included partners James C. Lin and Li He and registered foreign lawyer Ran Li. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Beijing, Hong Kong, London and New York offices.