22 Nov 2010 12:02

As Sky-mobi files for $150 mln Nasdaq listing, Sequoia Capital eyes payday

Shanghai. November 22. INTERFAX-CHINA - Sky-mobi Ltd., a Chinese mobile application (app) store operator, plans to raise an estimated $150 million through an initial public offering (IPO) on Nasdaq, according to a Nov. 19 filling with U.S. Securities and Exchange Commission (SEC).

The Hangzhou, Zhejiang Province-based company said in its filing that it will use proceeds from the listing to expand and market its online mobile app store Maopao ("bubbling" in Chinese).

Founded in 2005, Sky-mobi secured roughly $3.5 million in financing from venture capital (VC) fund Sequoia Capital China in July 2007. Sequoia Capital China holds a 28 percent of stake in Sky-mobi, according to the SEC filing.

Approximately 479 million unique users have downloaded 3.6 billion apps from Maopao as of the end of September this year, according to the filing.

Sky-mobi plans to list under the symbol MOBI.

The company's revenue climbed 40.2 percent year-on-year to $50.3 million between April and September this year, of which Maopao contributed 92.9 percent.