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Venture cap-backed games platform iDreamSky set for $115m IPO

4 Jul 2014

cropRedpoint Ventures and Legend Capital-backed mobile game publishing platform iDreamSky has filed for an IPO on the Nasdaq exchange.

Legend currently holds 22 per cent of the Hong Kong-based company’s externally held shares, while Redpoint has 16.6 per cent. It is not yet clear how these levels will change once the company has floated.

idreamSky was founded in November 2009. It raised $2m seed capital from Hwa Xiu Investment Group two years later, followed by $10m in Series A from Redpoint Ventures and Legend Capital in May last year.

The company has not yet announced how many shares it will be selling or how much for. The proposed maximum aggregate offering price is set at $115m.

The mobile game business says it will use the capital to buy game licenses and other intellectual property rights related to mobile games. It is also looking to fund mergers and acquisitions.

iDreamSKy is the largest independent mobile game publishing platform in China based on the number of active users in 2013, according to its filing. In the first quarter of 2014, the company had 98.3m average monthly active users.

The financials in the IPO filing show that its total revenues for 2013 were $40.7m, with iDream already making half that figure in the first quarter of this year, with revenues at $28m.

The float will be underwritten by Credit Suisse and JP Morgan.

In March this year Redpoint-backed online learning business 2U filed for an IPO hoping to raise around $100m at $13 per share.

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