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 Money Network Subscription
China Expert network