Business / Companies

China's iDreamSky begins trading at Nasdaq

(Xinhua) Updated: 2014-08-08 09:55

China's iDreamSky begins trading at Nasdaq

Showgirls pose at Chinajoy in Shanghai on Aug 2, 2014.[Photo/IC]

NEW YORK -- China's mobile gaming company iDreamSky Technology Limited Thursday conducted initial public offering (IPO) at Nasdaq Global Select Market and raised a total of $115.5 million.

This marked 11th Chinese company listed on the US stock market and the 7th on Nasdaq in 2014. Officially founded in 2011, iDreamSky localizes and distributes popular mobile games, including top-ten casual games Fruit Ninja, Temple Run and Subway Surfers in China.

iDreamSky offered 7,700,000 American depositary shares (ADSs) at $15.00 per ADS, above the preliminary price range of $12 to $14. Each ADS represents four Class A ordinary shares and the shares are trading under the ticker symbol "DSKY."

iDreamSky's shares started trading at $17.5 per ADS, about 17 percent higher than the IPO price. In midday trading, the shares rose 9.5 percent and traded around $16.5.

Additionally, the company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 1,155,000 additional ADSs at 15.00 dollars per ADS.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, and Stifel Nicolaus & Company, Incorporated are acting as joint bookrunners for the offering.

China's internet giant Tencent Holdings Ltd is the company's largest shareholder, which owns a 23 percent stake through THL A19 Ltd. Chief Executive Officer and co-founder Xiangyu Chen is the second-largest shareholder, with a 21.2 percent stake.

According to a report from Analysys International, iDreamSky is the largest independent mobile game publishing platform in China based on the number of active users in 2013.

China's iDreamSky begins trading at Nasdaq

China's iDreamSky begins trading at Nasdaq

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