Linktone has raised the price for its initial public offer, taking advantage of the strong demand for mainland internet plays and hoping to repeat the success of Nasdaq peer Ctrip.com.
The Shanghai-based provider of wireless data services priced its offer at US$14 per American depositary receipt, up from the previous indicated range of $10 to $12.
In early trade yesterday, Linktone shares rose 30.71 per cent to US$18.30. In all, the company has raised $85.96 million to fund business expansion in China.
The hungry demand for mainland internet plays prompted Linktone to increase its asking price.
'It's obviously the function, the quantity of the book and the quality of the book,' a source close to the deal said.
In December, mainland travel portal Ctrip.com floated shares on the Nasdaq, shooting up 88.55 per cent on its debut - the best first-day gain in New York in three years.