Chinese game developer Boyaa plans $133m HK IPO
Boyaa Interactive, a Chinese developer of online board and card games backed by Sequoia Capital, intends to raise as much as HK1.03 billion ($133 million) through an IPO in Hong Kong. It is the third game developer to pursue a listing in the city this year.
Boyaa started its IPO roadshow today. It plans to sell 184 million shares at HK$4.55-5.60 apiece, according to IFR Asia, with terms to be set on November 5 and trading scheduled to begin on November 12.
According to a pre-listing filing, Sequoia Capital invested $6 million via its Sequoia Capital China Fund II for approximately 26.47% of the company three years ago. Following a restructuring in May of this year, Sequoia's holding therefore was reduced to 23.12%.
Founded in2004, the Shenzhen-based game developer has entered more than 30 countries, including Thailand, South Korea, Japan and the UK.
Forgame Holdings, a Chinese mobile game developer backed by several VC firms, raised $206 million in Hong Kong IPO early this month. Singapore-based mobile game developer I Got Games (IGG), which counts IDG Capital Partners and Temasek Holdings among its investors, intends to raise as much as HK$950 million through an IPO in the city.
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