Shanda Games yesterday launched an initial public offering that aims to raise as much as $788 million ahead of a US listing. The company is a spin-off from Nasdaq-listed Shanda Interactive Entertainment, which will retain a 78.1% stake in Shanda Games after the IPO.
The offering consists of 63 million American depositary shares ADS, each representing two Class-A ordinary shares. Shanda Games is offering 13 million primary ADS, while the parent company is selling off a stake that amounts to the remaining 50 million ADS. An indicative price range has been set at between $10.50 and $12.50 per ADS.
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