China Mass Media launches $75 million US IPO
The second Chinese advertising firm in a month to seek a listing, China Mass Media stresses its broader viewership but is still offered at a discount to Hong Kong-listed SinoMedia.
Television advertising company China Mass Media International Advertising has started bookbuilding for an initial public offering on the New York Stock Exchange that aims to raise between $75 million and $103.9 million.
The company is offering 14.4 million new American Depositary Shares ADS, or approximately 30% of its total share capital, at a price between $5.20 and $7.20 per share. Each ADS is equal to 15 common shares. There is also a 15% greenshoe, which, if exercised, could increase...
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