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.
