Phoenix Satellite reduces expectations for IPO

It''s taken just two days on the road, promoting its IPO to investors, for Phoenix Satellite TV to lower its sights for the amount it expects to raise in its IPO.

Phoenix Satellite Television has slightly reduced the amount it expects to raise from its initial share offering on Hong Kong's Growth Enterprise Market to between HK$663 million $85 million and HK$936 million, from a previous range of HK$800 million to HK$1 billion, amid increased volatility in telecom, technology and media stocks.

The company plans to offer 720 million shares at between HK$0.91 and HK$1.29 a share, says R.J. Rosso, a spokesman for Merrill...

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