The spin-off IPO for Shanda Games Limited (NASDAQ: GAME) is coming next week and the company has set the expected price band for its 63+ million American Depositary Shares in range of $10.50 and $12.50 per share. The company is a wholly-owned subsidiary of Shanda Interactive Entertainment Limited (NASDAQ: SNDA) and will in many ways continue after the IPO to effectively be under the parent.
The inspiration for this was this the successful Changyou.com (NASDAQ: CYOU) spin-off IPO from Sohu.com (NASDAQ: SOHU). Changyou has effectively doubled since its IPO.
The company is offering 13,043,500 ADSs, and Shanda Interactive is selling the remaining 50 million ADSs. Each ADS represents two class A ordinary shares of Shanda Games. This has Goldman Sachs (Asia) as the lead underwriter along with J.P. Morgan and the co-manager is Nomura Securities.
Earlier this month it had filed an SEC registration statement to raise approximately $800 million in a partial spin-out IPO.
JON C. OGG
September 16, 2009
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
