China-based internet entertainment company Tiange Group has announced plans to raise HK$1.61bn (US$207.7m) in an upcoming initial public offering, according to a regulatory filing.
The company plans to issue 304 million new shares priced at HK$4.50 ($0.59) to HK$5.30 ($0.68) each.
Tiange operates a real-time social media website where users can interact with each other and perform karaoke songs live. It is backed by investors including publishing company IDG and Chinese language news provider Sina.
IDG Capital Partners, the India-focused corporate venturing arm of media company IDG Group, invested $5m in Tiange’s series A round in 2007, followed by an additional $20m in 2008. Sina invested $30m in the company in 2010.
Qihoo 360, Atlantis Investment Management, Brilliant Pegasus, Town Health and AmTran have stated they will jointly subscribe a total of $80m of shares in the IPO.