Shanda To Sell 63 Million ADS In IPO

NEW YORK (AP) — Shanda Games Ltd. and its parent company, Shanda Interactive Entertainment Ltd., will offer a combined 63 million American depositary shares in the unit's previously announced initial public offering.

According to a securities filing Monday, Shanda Games will offer roughly 13 million ADS, while Shanda Interactive, a Chinese online video game operator, will offer 50 million.

The company estimates an IPO price of $10.50 to $12.50 per ADS.

Shanda said each ADS represents two class A shares.

Following the IPO, Shanda Interactive will hold 78 percent of the outstanding class A and B shares, representing 97 percent of the total voting power.

ADS of Shanda Interactive rose $2.04, or 4.2 percent, to $50.99 in morning trading. The stock has ranged from $19.75 to $65 over the past year.