Sky-mobi Ltd. Is Hoping To Raises $150 Million From IPO
Sky-mobi Ltd. is a China based mobile application store service under the name of Maopao that has filed for an IPO this past Friday. The company is hoping to raise $150 million in the IPO. In a filing with the SEC, Sky-mobile did not specify how many American depositary shares they would be offering. They plan to trade on the Nasdaq Global Market under “MOBI.”
Citigroup is leading the group of underwriters. Other underwriters include Piper Jaffray, Oppenheimer & Co., and Rodman & Renshaw LLC. Sky-mobi has about 220.5 million registered users. As of last year they had about 75.9 million users. Sky-mobi saw about 1.59 billion application downloads this year compared to 377 million the year before.
[WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry