China-based mobile game publisher IDreamSky Technology filed for an initial public offering in the US on Thursday that could raise up to $115m.
Internet portal Tencent holds a 26.6% stake in IDreamSky through an investment vehicle called THL A19. Other notable shareholders include Dream Data Services, an investment vehicle for CEO Michael Chen that holds 22%, conglomerate Legend Holdings (20.4%), Redpoint Ventures (16.6%) and DT01, a holding company for two of IDreamsky’s co-founders (5.6%).
IDreamSky claims to be China’s largest independent mobile game publisher based on user numbers, and had 98.3 million monthly active users in the first quarter of 2014. It made a $4.6m profit in 2013 from revenues of $40.7m.
The company will spend a portion of the proceeds to acquire game licences and other intellectual property rights for games, and will allocate additional funds to acquiring other businesses.
Credit Suisse Securities and J.P. Morgan Securities are acting as joint book-running managers of the offering.