By Vinicy Chan
The firm has reached out to potential investors including sovereign wealth fund China Investment Corp. to gauge their interest.
The company sees price sensitivity in the middle of the range based on current orders, according to a message communicated to fund managers.
HNA’s ownership of Pactera dates back to 2016, when it agreed to buy the company from Blackstone Group LP for about $700 million.
The company could raise as much as $476 million if a greenshoe, or over-allotment option – is exercised within the first month of trading.
China, the world’s biggest gaming market, stopped approving new titles from March amid a regulatory overhaul triggered by growing criticism of video games for being violent and leading to myopia as well as addiction among young users.
The round was joined by new investors China Broadband Capital (CBC), Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures, and TH Capital.
The Beijing-based company, which already counts Alibaba as a backer, is talking with Chinese private equity investors and wants to close the round in December.
Co-presidents Xie Zhenyu and Xie Guomin are on the brink of becoming billionaires as Tencent Music prepares a public stock offering in New York that may value the company at $24.5 billion.
Alibaba Group on Monday it will increase its stake in Hong Kong-listed Alibaba Pictures to 51%, taking control of the film unit’s board.
Asia Alternatives invests in PE fund managers with a focus on Greater China, East Asia, Southeast Asia, and Australia.