Sky-mobi Limited, which operates China's largest mobile application store, raised $58 million by offering 7,250,000 ADSs at $8, at the low end of its expected $8 to $10 range. Existing shareholders sold 1,125,000 ADSs or 16% of the total offering. Sky-mobile, which is backed by the venture capital firm Sequoia Capital, booked $82 million in sales in its fiscal year ended March 31, 2010. The Zhejiang, China-based company will begin trading Friday morning on the NASDAQ under the symbol MOBI. Citi acted as the lead manager on the IPO.
Sky-mobi is one of three Chinese IPOs expected to begin trading on Friday in what is turning out to be a record week for US-listed Chinese IPOs. Also set to begin trading on Friday are China-based packaging company China Shengda Packaging Group (CPGI) and Beijing-based auto dealership Lentuo International (LAS). China Shengda Packaging priced its 8.1 million share IPO at $4 per share in an IPO lead by Oppenheimer & Co. and William Blair. Lentuo International's IPO pricing was pending as of early Friday morning. Cowen & Company and HSBC Corporation are the lead underwriters on the deal.
