Report : China's Sogou Targets IPO At $5 Bln Valuation

(RTTNews) - China's third-biggest search engine Sogou expects to hold a U.S. initial public offering at a valuation of as much as $5 billion as it raises cash to close the gap with leader Baidu Inc. (BIDU) in the mobile market, Bloomberg reported.

Sogou plans to sell about 10 percent of its shares in an IPO that will probably be held this year, Bloomberg reported citing an interview with Chief Executive Officer Wang Xiaochuan.

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.

Wang reportedly plans to use part of the IPO proceeds to improve search results by backing companies developing artificial.