china-mass-media-launches-75-million-us-ipo

China Mass Media launches $75 million US IPO

The second Chinese advertising firm in a month to seek a listing, China Mass Media stresses its broader viewership but is still offered at a discount to Hong Kong-listed SinoMedia.

By Daniel Inman

July 27, 2008

Television advertising company China Mass Media International Advertising has started bookbuilding for an initial public offering on the New York Stock Exchange that aims to raise between $75 million and $103.9 million.

The company is offering 14.4 million new American Depositary Shares ADS, or approximately 30% of its total share capital, at a price between $5.20 and $7.20 per share. Each ADS is equal to 15 common shares. There is also a 15% greenshoe, which, if exercised, could increase the total deal size to as much as $119.4 million.

China Mass Media is a Beijing-based company, currently 100%-owned by its founding chairman and CEO Wang Shengcheng, that sells advertising time on Chinese television. Its...

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