Ourgame Said to Plan $150 Million Initial Offering in Hong KongFox Hu
Ourgame International Holdings Ltd., a Chinese maker of online card games and board games, plans to seek about $150 million in an initial public offering in Hong Kong, said two people with knowledge of the matter.
China International Capital Corp. is among investment banks arranging the IPO, the people said, asking not to be identified because the information is private. The company aims to start the share sale this year, one of the people said.
Beijing-based Ourgame owns more than 300 Internet and mobile games, such as “Talent Mahjong” and “Rich Fishing”, attracting 15 million active users each month, according to its website. The company, which was founded in 1998, has more than 600 employees, the website shows.
Players of online games in China increased less than 1 percent to 338 million last year from 2012, while mobile-game users surged 55 percent to 215 million, according to a January report by the China Internet Network Information Center.
KongZhong Corp., which operates the “World of Tanks” game in China, said Jan. 31 it will buy an unspecified minority stake in Ourgame for 100 million yuan ($16.3 million).
Shenzhen-based Boyaa Interactive International Ltd., which makes online games including “Fight the Landlord” and “Ant Wars,” has more than doubled since its November debut after raising $146 million from a Hong Kong initial public offering, according to data compiled by Bloomberg. Forgame Holdings Ltd., another online game provider, has gained 12 percent since a $237 million IPO in September, the data show.
Two calls to Ourgame’s head office in Beijing seeking comment on the IPO plans went unanswered.