China-based Mobile Game Publisher iDreamSky Files for a $115M IPO.
iDreamSky Technology, a Chinese 3rd-party mobile game publisher with a total of 100 million monthly active user, has recently announced that it has filed on Thursday with the SEC, in order to raise a total of $115 million in an initial public offering.
iDreamSky boast’s to be the number one independent mobile gaming publishing platform within China based on its active users. The company utilizes its knowledge on the Chinese market to rewrite 3rd-part source codes for mobile games, with the games that were launched includes Fruit Ninja, Temple Run and Subway Surfers. Chinese internet juggernaut Tencent is the company’s currently largest shareholder.
Market researcher Newzoo has stated that it expects China to overtake the U.S. as the world’s biggest games market by 2016 with $25 billion in revenue, according to information provided by market researcher Newzoo.
The Shenzen-based company specializes in taking mobile games that have become successful in the west and publishing them through the Chinese market, after localizing them for traditions and taste. It’s portfolio currently contains over more than 80 games today. It’s manage to form a partnership with companies such as Tencent, Baidu and Baintoo
The Chinese-based company, which was initially founded during 2009, and booked a total of $65 million in sales for 12 months ended March 31st, 2014, has set out plans to list itself on NASDAQ with the ticker symbol being DSKY. iDreamSky technology originally filed confidentially during April 11, 2014. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were currently disclosed.
The company has managed to raise over $10 million from Redpoint Ventures and Legend Capital. iDreamsky has several hundreds of employees in office in Hong Kong, Beijing, Nanjing and America,