Kingsoft raises $99 million from IPO

The China-based gaming and software company sets the price at the top of the range after drawing solid demand from investors.

Riding on the back of a bullish market, Chinese online game and software developer Kingsoft Corporation raised HK$768 million $99 million from its Hong Kong initial public offering after fixing the price at the top of the range. If the greenshoe is exercised in full, the deal will increase by another 15% to $114 million.

The timing of the offering was almost ideal with the Hang Seng Index surging more than 10% over the past two weeks. It closed...

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