Mobile app developer Sungy Mobile sets terms for $74 million IPO


Sungy Mobile, which provides applications and mobile platform development products and services, announced terms for its IPO on Tuesday. The Guangzhou, China-based company plans to raise $74 million by offering 7.0 million shares at a price range of $9.50 to $11.50. At the midpoint of the proposed range, Sungy Mobile would command a fully diluted market value of $365 million.

Sungy Mobile, which was founded in 2003 and booked $47 million in sales for the 12 months ended September 30, 2013, plans to list on the NASDAQ under the symbol GOMO. Sungy Mobile initially filed confidentially on August 21, 2013. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.

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

This article appears in: News Headlines , IPOs

Referenced Stocks: GOMO

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