Sky-mobi (MOBI) Lowers IPO Expectations

November 29, 2010 11:18 AM EST
Sky-mobi Limited (Nasdaq: MOBI) filed an amendment with the U.S.
Securities and Exchange Commission today for an Initial Public Offering of their American Depositary Shares. The filing is to sell 7,250,000 ADSs and anticipate an offering price of $8 to $10 per ADS. Sky-mobi is offering 6,125,000 ADSs and the selling shareholders are offering an additional 1,125,000 ADSs.

The proposed maximum aggregate offering price was reduced from $150 million to $83.375 million. The company plans to list their shares on the Nasdaq Global Market under the ticker "MOBI."

The offering is being made through Citi, Piper Jaffray, Oppenheimer & Co., and Rodman & Renshaw.

Sky-mobi operates the leading mobile application store in China.

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