Chinese mobile game publisher iDreamSky Technology sets terms for $100 million IPO

By Renaissance Capital,

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iDreamSky Technology, a Chinese mobile game publisher with 100 million monthly active users, announced terms for its IPO on Friday. The Shenzhen, China-based company plans to raise $100 million by offering 7.7 million shares at a price range of $12 to $14. At the midpoint of the proposed range, iDreamSky Technology would command a fully diluted market value of $602 million.

iDreamSky plans to sell $26 million worth of shares to Tencent, Cheetah Mobile ( CMCM ) and IPO candidate LINE Corporation in a concurrent private placement. 

iDreamSky Technology, which was founded in 2009 and booked $65 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol DSKY. Credit Suisse, J.P. Morgan and Stifel are the joint bookrunners on the deal. No pricing date was announced.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: CMCM , DSKY

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