iDreamSky Attracts Sony, to $200 Million IPO


(Bloomberg) -- iDreamSky Technology Holdings Ltd., a Chinese game distributor, has attracted Sony Corp. and Inc. as cornerstone investors for its planned Hong Kong initial public offering, people with knowledge of the matter said.

The Shenzhen-based company plans to start taking investor orders Monday, the people said, asking not to be identified because the information is private. The firm has been discussing a fundraising target of about $200m, the people said., the Chinese e-commerce giant, agreed to invest about $5 million in the offering, the people said. Sony, the Japanese technology and entertainment conglomerate, has also committed to purchase $5 million of stock in the IPO, one of the people said.

iDreamSky, which used to trade on Nasdaq, is seeking a Hong Kong listing after it was taken private in 2016 in a deal that valued it at about $679 million, according to a preliminary prospectus. Any offering would add to the $33 billion of first-time share sales in Hong Kong this year, more than double the same period in 2017, according to data compiled by Bloomberg.

An external representative for iDreamSky said the company has no comment. A spokeswoman for said she couldn’t immediately comment, while Sony didn’t answer phone calls during a public holiday in Japan.

Credit Suisse Group AG, China Merchants Securities Co. and China International Capital Corp. are joint sponsors for the Hong Kong IPO.

©2018 Bloomberg L.P.

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