PE-Backed Sungy Mobile Files For $80M U.S. IPO

Guangzhou-based Chinese mobile content and service provider Sungy Mobile has filed for a US$80 million IPO on the NASDAQ.

IDG Capital Partners currently holds 28.8% of Sungy Mobile. JAFCO Ventures, WI Harper and CBC Capital hold 9.6%, 9.7% and 14.6%, respectively.

Founded in 2004, Sungy Mobile mainly provides GO platform and products. In addition, Sungy also operates a mobile internet portal and mobile reading services. It has offices in Beijing, Shanghai and San Francisco.

The company generated US$22.7 million in the first half of 2013, an increase of 87%, with US$5.45 million in net profit.

The company plans to trade under ticker symbol GOMO.

Credit Suisse and J.P. Morgan are the joint book runners on the deal.

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