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iDreamSky IPO Over-Subscribed By Nearly 12 Times

Published 12/05/2018, 12:43 AM
© Reuters.

Investing.com - China’s entertainment group iDreamSky Technology Holdings Limited completed its IPO in Hong Kong and received an over-subscription of 11.6 times.

The company has received a total of 160.49 million share applications, nearly 12 times the 12.7 million shares available. iDreamSky set the share price at HK$6.6 apiece. The company has also offered 114,274 million shares internationally. iDreamSky eyes to raise a total of HK$745.3 million from its global offering.

Japanese conglomerate Sony Corporation and Windcreak Limited subscribed for 5.925 million shares each. These two companies agreed not to sell the shares in the next six months.

The Chinese firm intends to use the funds raised to expand its game portfolio and content, support its potential M&A deals and international operations, as well as boosting its in-house R&D capabilities.

Shares of iDreamSky will start trading on Thursday.

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