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
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