Tiange Group, backed by IDG and Sina, aims to raise $207.7m in its forthcoming IPO, down from the $300m target the company set in February.
China-based internet entertainment company Tiange Group has announced plans to raise HK$1.61bn (US$207.7m) in an upcoming initial public offering, according to a regulatory filing.
The company plans to issue 304 million new shares priced at HK$4.50 ($0.59) to HK$5.30 ($0.68) each.
Tiange operates a real-time social media website where users can interact with each other and perform karaoke songs live. It is backed by investors including publishing company IDG and Chinese language news provider Sina.
IDG Capital Partners, the India-focused…
