Dook Media, the China-based publisher backed by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, has listed on Shenzhen Stock Exchange (SZSE)’s ChiNext board in a RMB62m ($9.6m) initial public offering.
Dook issued 40 million new shares and they closed at RMB31.66 on their first day of trading, up from the IPO price of RMB1.55 per share, its total market value exceeding $1.9bn.
Founded in 2009 and also known as Dook Book, the company publishes paperback and e-books, in addition to providing other media content such as films.
Legend Capital had taken part in an $18.8m series A round for Dook in June 2017 that included Zhihe Capital and Neixiang Fund. The cash was secured at a reported $294m valuation, and the company received an undisclosed additional sum from Legend Capital five months later.
Jenking Shao, managing director of Legend Capital, said: “As the [intellectual property]-based pan-entertainment industry has developed rapidly, the value of high-quality IP has become more prominent.
“Dook Media is in the upstream position of the content industry, it belongs to Legend Capital’s important coverage in this industry and also, it has strong copyright operations capabilities across all channels in the industry, tapping and fully unlocking the value of IP, realising the diversified monetisation of copyright assets.
“After the listing, Dook Media will gradually enrich their copyright library in the future, while applying existing methodologies to empower more high-quality reserved copyrights and develop(ing) an IP incubation platform.”
