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Books open as Chinese platform operator iDreamSky prepares to go public

Money never sleeps

Books open as Chinese platform operator iDreamSky prepares to go public

Books have opened as Chinese mobile game platform operator iDreamSky nears its debut on the US stock market.

The firm, which is looking to raise roughly $124 million in August, will price 7.7 million American Depository Receipts between $12 and $14 a unit in a Nasdaq flotation next month: a base deal that's worth $108 million.

While iDreamSky will be looking to attract new investors once it goes public, the company is also expecting to see major investors Tencent - which already owns 27 percent of iDreamSky - and Cheetah mobile kick off proceedings by purchasing $23 million worth of shares.

The wolf of Wall Street

Bankers are reporting that demand for the Shenzhen-based company is sky-high, and at $12 to $14 a share iDreamSky looks set to trade at a discount to its closest competitors, most of which are trading on average 16.5 times 2015 earnings compared to iDreamSky's 10.2.

The Chinese-outfit's market capitalisation currently stands at $660 million, and its decision to sail the high seas of the stock market means that comparisons with Candy Crush Saga developer King have been inevitable.

Of course, the fact that King's share prices infamously plummeted by 16 percent on its stock market debut means that iDreamSky will be hoping its performance is anything but comparable.

[source: FinanceAsia]


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What do you call someone who has an unhealthy obsession with video games and Sean Bean? That'd be a 'Chris Kerr'. Chris is one of those deluded souls who actually believes that one day Sean Bean will survive a movie. Poor guy.

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