Sequoia-backed Sky-Mobi files for $150 million NASDAQ IPO
Sequoia Capital-backed Sky-Mobi Ltd., a Chinese developer of a cell phone platform application, has filed for a $150 million initial public offering with the US Securities and Exchange Commission.
Neither offering amount nor share price was elaborated in the filing. The company plans to debut on NASDAQ under the symbol MOB. Citi has been appointed as lead underwriters alongside Piper Jaffray, Oppenheimer & Co. and Rodman & Renshaw LLC.
According to the filing document, underwriters will have 30 days to purchase additional shares to cover excess demand, but did not indicate how many extra shares they would be entitled to purchase.
Founded in 2005, Sky-Mobi secured roughly $3.5 million from venture capital fund Sequoia Capital, which currently owns a 28% stake, in China in July 2007. Approximately 479 million unique users have downloaded 3.6 billion apps from the company's plstform Maopao as of end September this year, according to the filing.
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