IDG, Temasek-backed I Got Games plans $123m Hong Kong IPO

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mobile phone4Venture capital and sovereign wealth-backed mobile game developer I Got Games is said to be eyeing up to HK$950m ($123m) from a Hong Kong IPO.

The business, which creates cartoon-based free online games, has previously received funding from IDG Technology Ventures, Singapore state investment arm Temasek and US-based Hearst Magazines.

It plans to sell 327 million shares at between HK$2.40 and HK$2.91 each according to the Economic Times, which said it had seen a term sheet referencing the IPO.

That showed the company was scheduled to begin trading on the Growth Enterprise Market on October 17, with proceeds from the listing slated for marketing, acquisitions, new hires and general working capital.

Last week private equity-backed web games developer Forgame Holdings enjoyed a strong debut on the Hong Kong stock exchange, seeing its share surge more than 30 per cent in its first day of trading.

Foregone, which is backed by private equity firm TA Associates and Chinese venture investor Qiming Venture Partners, raised around $205m via the IPO, which was significantly oversubscribed.

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