SHANGHAI, China-Chinese wireless content company Linktone Ltd. made an impressive debut in its Nasdaq initial public offering, with share prices soaring as high as $19.50 per share.
The company offers ring tones, icons, screen savers and messaging services through China Mobile and China Unicom, and counts content partners like Turner Broadcasting/Cartoon Network, STAR TV and Sony Music. The company initially expected to capture between $10 and $12 per share, but that price quickly rose in the first few hours of Nasdaq trading. Linktone’s stock price was hovering around $18 per share with about three hours of trading left.
“Listing our shares on Nasdaq is an important milestone for Linktone,” said Raymond Yang, the company’s chief executive officer. “We are pleased to have the opportunity to access capital in the world’s leading financial market and further raise the visibility of Linktone’s value-added mobile services. We are honored to be traded alongside the global leaders listed on Nasdaq.”
Founded in 1999, Linktone counts 250 employees and revenues last year of $16.6 million, up from the $4.3 million it reported in the year before, according to reports. The company is looking to take advantage of the rapidly growing Chinese wireless market, the biggest in the world.