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Nikkei Markets

Tencent's China Literature To Raise Up To HK$7.21 Bln In Net Proceeds From IPO

By Carrie Chen
Nikkei Markets
HONG KONG (Oct 25) -- Chinese online publishing and e-book company China Literature expects to raise a maximum of HK$7.21 billion ($923.9 million) in net proceeds from an initial public offering slated to open Thursday.

The company, majority owned by social media and gaming major Tencent Holdings, is offering 151.4 million shares in an indicative range of HK$48 to HK$55 a share. The offering is open from Thursday to Tuesday, and has an over-allotment option of up to 15% of the shares offered. The shares are expected to list on Nov. 8.

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