After an extended four-week pre-marketing period, roadshows were finally launched yesterday Tuesday for a Nasdaq IPO by Shanda Interactive Media. The 17.5 million ADS offering is being pitched between $13 and $15 and should raise $225 million to $260 million prior to the exercise of a 15% greenshoe.
The Goldman Sachs-led deal is scheduled to price on May 11, with Bear Stearns, CLSACIBC, HSBC and Piper Jaffray as co-leads. The transaction will combine old shares 56% and new shares 44%. Majority shareholder Skyline Media owned by one of China's richest entrepreneurs Tianqiao Chen will drop from 74.2% to 57.9% and SB Asia Infrastructure Fund a private equity fund affiliated...
