china-mass-media-cuts-ipo-size-by-45

China Mass Media cuts IPO size by 45%

The Chinese advertising company reduces its expectations at the last minute and postpones pricing until this week. The new offering size is $49 million to $56.2 million.

By Daniel Inman

August 03, 2008

China Mass Media International Advertising CMM has postponed its listing on the New York Stock Exchange and reduced its targeted deal size by 45%, offering further evidence of how challenging the US primary equity markets have become.

The Beijing-based advertising agent was due to fix its initial public offering price after the close of trading on Thursday and was meant to start trading on Friday, but instead, the company issued a new prospectus on Friday informing potential investors that it had increased its ratio of American Depositary Shares ADS to ordinary shares from 15 to 30. However, it has lifted the absolute price range only marginally, resulting in a significantly smaller deal.

A new timetable...

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