Thursday, online game developer Changyou.com Limited (CYOU) said its initial public offering of 7.5 million American Depositary Shares, or ADRs, each representing two Class A ordinary shares of the company, was priced at $16.00 per ADS, at the top end of the original pricing range of $14.00-$16.00. The ADSs will begin trading on the NASDAQ Global Select Market on April 2 under the symbol CYOU.

Of the 7.5 million ADSs being offered, 3.75 million are being offered by Changyou, and another 3.75 million are offered by Sohu.com (Game) Limited, which is the selling shareholder and an indirect wholly-owned subsidiary of Sohu.com Inc. (SOHU).

Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. acted as joint book runners, Citigroup Global Markets Inc. acted as senior co-manager, and Susquehanna Financial Group, LLLP acted as co-manager for the offering.

The underwriters have been granted a 30-day option to purchase up to 1.125 million ADSs from the selling shareholder.

While announcing the IPO offering on March 17, Dr Charles Zhang, Chairman and CEO of Sohu, said he believes that the IPO will provide Changyou a sharper focus on the massively multi-player online role-playing games or MMORPG business and related strategic opportunities.

At that time Sohu said that proceeds to each of Changyou and Sohu Game from ADSs sold in the offering are expected to be about $52.3 million, and the total proceeds are expected to be nearly $104.6 million, assuming an IPO price per ADS of $15.00, which was the midpoint of the estimated public offering price range.

The IPO market has been dry in the past few quarters, thanks to the credit crisis and the weak investor confidence. However, two new IPO announcements were made in the last two days.

Language learning solutions provider Rosetta Stone Inc. Wednesday revealed the initial public offering of 6.25 million shares for a price between $15.00 and $17.00 per share. The company added that its common stock has been approved for listing on the New York Stock Exchange under the symbol 'RST.'

Bridgepoint Education, Inc., a provider of postsecondary education services, said that the company intends an initial public offering of 13.5 million shares with an expected offering price of $14.00-$16.00 per share. The company has applied to list the common stock on the New York Stock Exchange under the symbol 'BPI.'

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