Shanda Games prices US initial public offer at top end of range

Shanda Games Ltd priced shares in its $1.04-billion initial public offering at the top end of a range as rising sales at China's biggest online games provider helps attract investors.

The Shanghai-based company and parent Shanda Interactive Entertainment Ltd sold 83.5 million American Depositary Receipts at $12.50 apiece, according to a sale document. The IPO was managed by Goldman Sachs Group Inc and JPMorgan Chase & Co.

Shanda Games increased first-half profit 75 percent as it attracted more players with games such as MIR 2 and Aion in the world's biggest online market. The company will speed up new product development and offer more titles from outside developers as competition from Chinese rivals including NetEase.com Inc and Changyou.com Ltd intensify.