China's Sungy Mobile prices public float on NASDAQ at USD11.22 per ADS
China's Sungy Mobile Ltd. on Friday said that it has priced its initial public offering of 7 million American depositary shares (ADS) at USD11.22 per ADS.
Each ADS represents six Class A ordinary shares of the Chinese company.
In a statement released to NASDAQ, Sungy Mobile said that its offering has a total size of USD78.54 million, assuming the underwriters do not exercise their over-allotment option.
Under the terms of the deal, Sungy Mobile granted the underwriters an option to purchase up to and additional 1.05 million ADS at the public float price to cover over-allotments, the company said.
According to the statement, Credit Suisse Securities LLC and JP Morgan Securities LLC will serve as joint bookrunners. China Renaissance Securities Ltd. and Oppenheimer & Co. Inc. will be acting as co-lead managers in the listing.
Sungy Mobile is a global provider of mobile internet products and services focusing on applications and mobile platform development. It has raised USD20 million in its Venture funding round, based on a CrunchBase profile.
Sungy Mobile will start trading on the NASDAQ Global Market on November 22, the statement said.