Chinese game developer QingCi Games is looking to raise up to $153 million in an initial public offering (IPO) on the Hong Kong Stock Exchange, reports Caixin. The Alibaba and Tencent-backed mobile game maker plans to sell 85 million shares for $1.44-$1.80 each, with 10% of the shares sold in HK and 90% globally.
The subscription, which will end Thursday, received a good response on the first day and the stock is expected to debut next week. As of Tuesday, about $116.6 million of shares in the Hong Kong sale were subscribed, according to information from brokers.
Founded in 2012, QingCi has six mobile game titles in operation and 10 games under development. More than 95% of the company’s revenue comes from one game, The Marvelous Snail, bringing in RMB 1.17 billion ($183 million) of revenue so far this year. The company reported operating profit of RMB 280 million in the first half of 2021, swinging from a net loss RMB 151 million in the same period last year.