VC-backed mobile game platform iDreamSky files for US IPO

The size of the offering and pricing terms were not disclosed in the regulatory filing.

Shenzhen-based iDreamSky was founded in 2009 and received RMB8 million ($1.3 million) seed funding in 2010. Legend and Repoint invested in the company in 2011, contributing $10 million between them. Legend holds a pre-listing stake of 20.4% while Redpoint owns 16.6%.

Tencent Holdings, with 26.6%, is the largest shareholder in the firm.

IDreamSky claims to be the largest third-party mobile game publishing platform in China, based on the number of active users in 2013. In the first quarter of this year, it had 98.3 million monthly active users.

In addition to its own distribution channels, iDreamSky also partners with Chinese app stores and mobile browsers - Tencent app store, Qihoo 360 Mobile, 91 Wireless and UCWeb - and mobile phone makers. It reported RMB246.6 million in revenue last year, up from RMB19.4 million in 2012. Meanwhile, it recorded a net income of RMB27.8 million in 2013, compared to a net loss of RMB9.3 million in 2012.

China's mobile internet population has increased from 73.1 million in June 2008 to 463.8 million in June last year, according to China Internet Network Information Center (CNNIC).

During the same period in 2013, 64.6% of mobile internet users played mobile games, according to a Analysys report cited by iDreamsky. The mobile game market is expected to grow at a compound annual growth rate of 45.5% from 2013 to 2016.

Credit Suisse and J.P. Morgan are managing the share sale.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Venture
• Exits
• Technology
• China
• IPO
• Legend Capital
• Venture
• Exit
• USA
• TMT
• Technology