Chinese online gaming company Changyou.com priced its Nasdaq IPO at the top of the expected range on Thursday, breathing new life into the stricken equity capital markets with the first Nasdaq listing of the year.
Changyou sold 7.5m American Depositary Shares at $16, at the top of the $14-$16 a share range, as investors jumped at the chance to buy into a defensive sector at a big discount to comparable stocks, and bankers hailed the deal as a re-opening of the international equity
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