visionchina-completes-downsized-followon

VisionChina completes downsized follow-on

The deal shrinks to $88 million after a harsh week for the company's share price.
August 17, 2008
VisionChina Media, a Beijing-based advertising network operator, has completed a follow-on bringing in a total of $88 million. This is significantly less than the approximate $160 million that was expected when the deal was launched in the US on August 7.

After the launch, the company's share price was hit badly, dropping 14% by the time it came to pricing. Only 1 million of the 8 million American Depository Shares ADS offered in the original deal were primary shares, the rest belonged to major shareholders cashing in their profits. Two of the sellers, OZ Funds and GSPS Asia an indirect wholly owned subsidiary of Goldman Sachs, were not satisfied with the price that...
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