Chinese ad company launches accelerated IPO

SinoMedia aims to raise up to $62 million which will be used to expand its advertising business onto new platforms.

Chinese advertising company SinoMedia started bookbuilding yesterday for an IPO of between HK$366.6 million and HK$485.1 million $47 million to $62 million.

Shares in the company will cost between HK$2.63 and HK$3.48 each. The base deal consists of 139.4 million shares, which represents 25% of the company. If the 15% greenshoe is exercised, a further 20.9 million shares will be brought into the deal, increasing the maximum deal size to $71 million. Of the...

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