iDreamSky prices US IPO at top

Strong institutional demand allowed the Chinese mobile game platform operator to raise $158.8 million and increase the share price from the initial range.
iDreamSky has a portfolio of more than 80 mobile games
iDreamSky has a portfolio of more than 80 mobile games

iDreamSky Technology has secured $158.8 million from its Nasdaq initial public offering after selling 7.7 million American depository receipts at $15 each, comfortably surpassing the original amount it sought to raise.

The Chinese mobile game platform operator initially aimed to price its shares at $12 to $14 and raise $124 million after the greenshoe, but strong demand from global institutional investors allowed the issuer and syndicate to boost the share price.

More than 300 institutional investors took part in the deal, with the institutional tranche heavily skewed towards long-only institutional investors, according to bankers close to the deal. Still, the book had a diverse range of investors,...

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