shanda-games-ipo-goes-online-for-788-million

Shanda Games IPO goes online for $788 million

After the US listing, the company will remain firmly under the control of its parent Shanda Interactive.

Shanda Games yesterday launched an initial public offering that aims to raise as much as $788 million ahead of a US listing. The company is a spin-off from Nasdaq-listed Shanda Interactive Entertainment, which will retain a 78.1% stake in Shanda Games after the IPO.

The offering consists of 63 million American depositary shares ADS, each representing two Class-A ordinary shares. Shanda Games is offering 13 million primary ADS, while the parent company is selling off a stake that amounts to the remaining 50 million ADS. An indicative price range has been set at between $10.50 and $12.50 per ADS.

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