sinomedia-prices-at-the-bottom

SinoMedia prices at the bottom

The television advertising company brings in $47 million at HK$2.63 a share.
July 02, 2008
SinoMedia Holding, a Chinese company that sells television advertising space, has set the price for its initial public offering at HK$2.63 a share û the bottom of the indicated range of HK$2.63 to HK$3.48. This means the company was able to raise HK$366 million $47 million before its listing on July 8.

The deal, which was led by Cazenove and Morgan Stanley, was in the market at a tough time with the Hang Seng Index falling on four of the six days during the roadshow and losing a combined 2.7%. This ôprovided difficult conditions for all dealsö, says a source close to the offering. ôInvestors are very price sensitive. ItÆs...
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