Phoenix Publishing raises $705 million from Shanghai IPO

The Chinese publisher raised the equivalent of $705 million at the high end of its indicated price range, showing that investors in China still have a good appetite for new stocks.

Tan Yue, chairman of Phoenix Publishing, holds up a trophy at the CCTV China Economic Figures awards ceremony in Beijing ImagineChina

Phoenix Publishing Media, a leading publishing group in China, raised Rmb4.47 billion $705 million from its Shanghai initial public offering yesterday, after fixing prices at the top end of an indicated range.

The deal proved popular with both institutional and retail investors and will...

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