Exchange Database

Gamer iDreamSky raises $115m

iDreamSky Technology Ltd, one of China's largest independent mobile game publishing platforms, went public on Thursday at the Nasdaq Stock Exchange, raising more than $115 million. Managers of iDreamSky's initial public offering sold 7.7 million American depositary shares (ADS) at $15 each, above the marketed range of $12 to $14 a share. Trading under the symbol "DSKY", the shares opened at $15 and hit a high of $19.05 in the early morning before eventually closing at $15.94, up 94 cents, or 6.3 percent. "Four years of hard work and passion from our team members is how we got here, and this IPO is one of the most important milestones for iDreamSky's growth," Michael Chen, iDreamSky's CEO and co-founder, said through a translator in an address before Thursday's opening bell. "We have to work hard because this is just the opening chapter in a new age for iDreamSky." According to iDreamSky's IPO prospectus, the company said it would use more than $80 million of the money raised from the offering to explore potential acquisitions, but no specifics have been released. With headquarters in Shenzhen, Guangdong province, the company delivers mobile games to its audience in China by working with third-party software developers to tweak games for the Chinese market. iDreamSky controls close to 40 games in its portfolio, and three of the top 10 casual games in China: the "Temple Run" series, "Fruit Ninja" and "Subway Surfers".
Outcomes: 
iDreamSky is the latest Chinese company to go public in the US this year, a list that includes nearly 20 companies, according to Bloomberg News. The video game industry in China, which is mainly concentrated in computer-based gaming, generated revenue of $13 billion last year, a 38 percent jump year-on-year, according to a January report from BBC News.
Government?: 
No
Type of Exchange: 
business
Partners: 
iDreamSky Technology Ltd
Nasdaq Stock Exchange
Exchange Date: 
Thursday, August 7, 2014
Continuing: 
No
Location: 
New York, US
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