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iDreamSky prices IPO at $15, above the range

August 7, 2014

iDreamSky, the largest independent mobile game publishing platform in China with 98.3 million monthly active users (MAUs) and 5.1 million monthly paying users (MPUs), raised $116 million by offering 7.7 million ADSs at $15, above the $12 to $14 range. iDreamSky raised 15% more proceeds than expected and, at its offer price, now commands a fully diluted market cap of $695 million and an enterprise value of $540 million. Tencent, Cheetah Mobile and LINE are purchasing $15 million, $8 million and $3 million, respectively, in a concurrent private placement at the IPO price. iDreamSky will list on the NASDAQ under the symbol DSKY. Credit Suisse, JP Morgan and Stifel acted as joint bookrunners on the deal.