Phoenix Publishing seeks $704 million from Shanghai IPO

The company values its shares at a big premium to the market, but still attracts enough institutional demand to cover the books 12 times.

China’s equity markets continue to produce big initial public offerings, despite a weak secondary market and an overheated primary market. Phoenix Publishing Media Corp, a leading publishing group in China, plans to raise up to Rmb4.48 billion $704 million through an IPO in Shanghai to fund expansion.

The Jiangsu-based group is yet another issuer testing investor appetite with a high valuation. It is offering 509 million new shares at between Rmb8 and Rmb8.8 each, which...

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