Focus Media, which operates the largest out-of-home flat panel display advertising network in China, has sold $295.3 million worth of additional American Depositary Shares, which allowed existing shareholders to cash in part of their gains at the same time as the company raised funds to pay for recent acquisitions.
The offer, which was jointly arranged by Credit Suisse and Goldman Sachs, met with strong demand from investors who were keen to tap into the growth potential of a company which has seen its share price more than double since listing on Nasdaq in the middle of last year.
The share sale also sparked a renewed buying frenzy...
