PE-Backed Sungy Mobile Completes $79M IPO

Guangzhou-based Chinese mobile content and service provider Sungy Mobile completed an IPO on the NASDAQ, raising a total of US$79 million by offering 7.0 million ADSs at US$11.22.

The company initially filed for an US$80 million IPO at a price range of US$9.50 to US$11.50.

Before the IPO, IDG Capital Partners held 28.8% of Sungy Mobile. JAFCO Ventures, WI Harper and CBC Capital held 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 is trading under ticker symbol GOMO.

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

China Expert network