Private equity-backed web games developer Forgame Holdings enjoyed a strong debut on the Hong Kong stock exchange today, seeing its share surge more than 30 per cent.
Foregone, which is backed by private equity firm TA Associates and Chinese venture investor Qiming Venture Partners, received strong demand for its shares and raised around $205m via the IPO, which was significantly oversubscribed.
The company plans to use the funds to buy game licences and expand its business organically and via acquisitions.
TA invested in Forgame in July last year alongside Qiming and private equity house Ignition Capital.
The company has become one of the largest web game developers in China since it was founded in 2008, publishing popular multiplayer titles such as Soul Guardians, Ming Dynasty and Legend of Chaos.
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