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Sungy Mobile Files for IPO in the U.S.[Updated]
Chinese mobile content and service provider Sungy Mobile files for an NYSE IPO to raise up to $80 million, under the ticker GOMO.
[Update: Sungy Mobile decided to launch IPO on the NASDAQ, under the ticker GOMO, instead and set the price range at $9.5 - 11.5 to raise up to 92. 57 million]
Sungy Mobile was founded in 2003, starting from a mobile portal, 3G.cn, based on the WAP and then Symbian. 3G.cn had over 44 million unique visitors in September 2013.
The company didn’t really gain momentum until the launch of Go Launcher, an Android launcher released in November 2010, and other Android apps.
GO Launcher EX is available in 38 languages and has users from over 200 countries. It had approximately 239 million users as of September 30, 2013, with 42 million monthly active users in Q3 2013, Sungy disclosed.
Under the Go brand there are a series of apps for Android platform. Sungy claims the Go series has a total of 325 million users worldwide, with 70% from outside China.
Revenue sources include paid versions of Go apps, in-app purchases for premium services, premium themes, and mobile reading on 3G.cn,
The company generated $22.7 million in the first half of 2013, an increase of 87%, with $5.45 million in net profit.
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