Perfect World IPO prices at $16 per ADS |
|
|
|
Published
:
Thu, 26 Jul 2007 14:12
|
NEW YORK (AP) - Shares of Perfect World Co., a Beijing-based developer of 3D online games, are expected to begin trading Thursday after the company's initial public offering priced at $16 per American Depositary Share, well above expectations.The IPO totals 11.8 million ADSs, which each represent five Class B ordinary shares.Perfect World had expected the offering to price between $12 and $14 per ADS.The company is offering 9 million of the ADSs. A group of shareholders are selling the remaining 2.8 million ADSs.For the three months ended March 31, Perfect World reported net income after preferred dividends of $5.1 million on sales of $11.3 million.In 2006, Perfect World launched its first three 3D multiplayer online role playing games - 'Perfect World,''Legend of Martial Arts' and 'Perfect World II.' In the first quarter of 2007, the games averaged about 237,000 concurrent users in China.Perfect World plans to use the net proceeds from the IPO to expand the company's research and development efforts and for other general corporate purposes.Morgan Stanley and Credit Suisse Securities are serving as lead underwriters for the offering. CIBC World Markets and Susquehanna Financial Group are also listed as underwriters. The selling shareholders have given the underwriters to buy 1.8 million additional ADSs to cover any overallotments.Perfect World's ADSs will be listed on the Nasdaq Global Market under the symbol 'PWRD.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Perfect World IPO to total 11.8M ADS 