Internet Café Platform Operator iCafe8 to IPO
TechWeb, 6/22/10
Hangzhou-based Internet café platform operator Shunwang Technology, better known as iCafe8, issued an IPO prospectus today. The prospectus said that iCafe8 has a total 45 mln shares of stock at present; it plans to issue 15 mln shares of stock in its IPO at a share price of RMB 1 apiece. The company will list on the Shenzhen Stock Exchange.
iCafe8 was founded in July 2005, and focuses on services related to internet platform design, promotions, online advertising, and online value-added services. The company's "Wang-Wei Da Shi" online entertainment platform, developed for internet café channels, has more than 50 mln users in over 80,000 subscribing internet cafes.
iCafe8 reportedly had YoY sales revenues growth of 692% and 136.8% in 2008 and 2009, respectively, and YoY profit growth of 681.96% and 72.97% in the same years. As of December 31, 2009, the company had no financial debts, and had account balances and actual cash assets valued at more than RMB 43 mln.
According to the prospectus, funds raised through the IPO will be used mainly for upgrades and optimizations to "Wang-Wei Da Shi," secure-operation sandboxes for games, and user-management systems, among other projects.
Keywords: Internet IPO profit Shenzhen Stock Exchange iCafe8 revenue Internet cafe
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