Venture-Backed Game Publisher iDreamSky Plans $115M IPO

Shenzhen-based mobile game publishing platform iDreamSky Games is planning a US$115 million NASDAQ IPO, according to a securities filing.

The IPO size and pricing range have not been finalized.

Net proceeds will be used for mergers and acquisitions, as well as getting game licenses and other intellectual properties rights related to mobile games.

The company previously received US$10 million investment from Legend Capital and Redpoint Ventures in 2012.

Tencent Holdings is iDreamSky Games’ largest shareholder, with a 26.6% stake. Legend Capital holds 20.4% and Redpoint owns 16.6%.

Founded in 2009, iDreamSky is the largest mobile game publishing platform in China, with monthly active users for the first quarter of 2014 reaching 98.3 million.

Total revenue for 2013 reached RMB247 million (US$40.7 million), about 13 times of the RMB19.4 million recorded in 2012.

Credit Suisse Securities and JP Morgan Securities Inc. will be joint book-runners.

China Expert Network