Continue reading Chinese Web literature firm Cloudary kills its $200 million US IPO citing ?market conditions? at The Next Web
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Tuesday, July 16, 2013
Chinese Web literature firm Cloudary kills its $200 million US IPO citing ?market conditions'
The Next Web writes, Chinese online literature platform?Cloudary has withdrawn its two-year-old US IPO offering due to ?market conditions?, Reuters reports. The move comes one week after the company?raised $110 million?in a deal that?is said to have valued the company at 25 percent lower than a previous investment. Cloudary filed for a listing in the US in May 2011, the deal was thought to be worth up to $200 million. The firm initially enlisted BofA Merrill Lynch and Goldman Sachs as underwriters before replacing them with Bank of America, Citic Securities and CICC HK Securities. A filing from the company?
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