Game developer IGG (HK: 08002) went public on Hong Kong Stock Exchange on Oct. 18, recording HK$4.02 billion ($518.48 million) of valuation on the debut day (report in Chinese). The company planned to raise up to HK$950 million in the IPO.
Founded in June 2006, IGG is principally engaged in the development, publication, and distribution of online games. IGG’s flagship games are Castle Clash, Texas Hold’em Poker Deluxe, Slot Machines, Clash of Lords, etc. Castle Clash, a mix of RPG and strategy elements, sped up to the top of charts on Google Play Store in the US, Canada, Australia, Singapore, Taiwan, Japan, Russia, and Hong Kong.
IGG currently has regional headquarters in the US, Singapore, China, and Philippines.
Focusing on global gaming market, IGG will prioritize the exploration of Asian markets, said Xu Yuan, COO of the company. He added that the company planned to invest heavily in research and developing in the future, aiming to develop 20 to 30 games per year. IGG is also seeking for acquisition targets, he added.
Xu confirmed that that a Hong Kong subsidiary of Japanese pinball operator Dynam Japan (HK:06889) acquired a 11% stake in the company with $15 million. IGG also received funding from IDG VC, Vertex (investment firm under Temasek Holdings), and Hearst in December 2007 and 2009.
Cai Zongjian, founder of the company, said that IGG will roll out several games on IOS platform in the following month, expanding business from its home turf on Android platform (source in Chinese).
The company currently recorded 90 million registered users with monthly active users of 9.3 million. IGG is expected to garner $41 million of net profit in 2014, according to sponsor of this listing Everbright Securities (source in Chinese).