China Mobile Games and Entertainment Group went public in the US at NASDAQ this Tuesday. The company enlisted at the stock exchange in an unorthodox way.

Most company go public with the traditional initial public offering approach, collaborating joining hands with several investment banks as undertakers. However, China Mobile Games took on the CMGE ticker without even creating a show at the venue, nor did they trade on the first day Tuesday.

The company did not fix an asking price on the shares and let the investors decide the most appropriate value of the stock. “The market is trying to find the right valuation,” Hendrick Sin, the company’s vice chairman said.

In the afterhours, investors put in a price of $3.90 a pop that is quite low from its original face value of $40.

“For some companies trying to come to the U.S., I think they have a concept,” Sin said. “But for us, we are already a leader in our industry. We are not a concept. We already have market share; we have profitability.”

The Guangzhou, China-based mobile entertainment company is the market leader in its home country, enjoying 18.7 percent of the market share. It has more than 400 mobile games available on its ecosystem, out of which more than 300 are played on smartphones. The biggest platforms for China Mobile Games’ software are Apple’s iOS and Google’s Android.

In addition it also has a prominent share in the featured phone market. Many users pay for its games on non-smartphone handsets.

According to the data provided by the company, 9.8 Million users play and pay for their games on smartphones and 29.1 Million consume featured-phone-based pay games.

The company’s sales jumped 94 percent in 2011 to $38.7 Million. In 2010, the profitability was 137 percent up from its previous year.

VODone offered 6.1 percent of its stake for trading in the US, however, it still has 57 percent ownership in China Mobile Games.

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