iDreamSky opens high in debut on Nasdaq
Print Edition
SHENZHEN-BASED iDreamSky Technology Ltd, which distributed popular mobile games Fruit Ninja and Temple Run in China, opened 16.7 percent higher on its first day of trading on Nasdaq yesterday after raising about US$115.5 million through initial public offering.
With China the world’s biggest handset market with more than 1.1 billion users, the IPO of the mobile game publishing platform represents a huge market potential. Under the symbol DSKY, iDreamSky’s American depositary share opened at US$17.50, compared with US$15 apiece as IPO price.
IDreamSky, with investments from Tencent Inc and Lenovo Group, has more than 473 million registered users and 98.3 million monthly active users, thanks to booming games market. It now has 38 games and 20 new games will be released in the second half of this year.
In the first half, mobile game revenue reached 12.5 billion yuan (US$2 billion), a 40 percent year-on-year growth. In the game publishing segment, iDreamSky ranked No. 2 with a 16.2 percent market share, behind CMGE’s 18.1 percent, according to Analysys, a Beijing-based research firm.
“The IPO will boost capital entry of the whole mobile market,” said Gu Haoyi, researcher of Analysys. “It will also strengthen mobile game publishing and content sectors and help Chinese firms expand overseas.”
Last year, iDreamSky’s revenue reached 246 million yuan — 11 times more than a year earlier.
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