IDG, Temasek-backed mobile game operator eyes $123m HK IPO
Singapore-based mobile game developer I Got Games (IGG), which is backed by IDG Technology Venture Investment and Temasek Holdings, intends to raise as much as HK$950 million ($123 million) through an IPO in Hong Kong.
IGG plans to sell 327 million shares at HK$2.40-2.91 apiece, according to a term sheet seen by Hong Kong Economic Times. The company is scheduled to start trading on the Growth Enterprise Market on October 17.
The proceeds of the offering will be used for marketing, acquisitions, strengthening the company's team and general working capital.
IGG received funding from IDG, Vertex Venture Holdings - an investment arm of Temasek Holdings - and US-based Hearst Magazines International in 2007 and 2009. IDG and Vertex own 21.96% and 9.1% of the company, respectively.
Established in 2006, IGG has attracted over 90 million registered players. As of September, it had generated $22.9 million in revenue, half of which came from mobile gaming.
Last week, Forgame Holdings, a Chinese mobile game developer backed by several VC firms, raised $206 million through an IPO in Hong Kong. Its stock jumped 32.4% on the first day trading.
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