Repeat this after me: a wireless horoscopes provider is doing an IPO now…yes, and this is 2004.
Shanghai-based Linktone, a Chinese provider of horoscopes on cellular phones, expects to price an IPO in New York on Wednesday, with its stock debuting on Nasdaq the next day under the symbol “LTON”. The company was so confident of investor interest that on Monday it increased the shares in the offering to 61.4 million from 60.6 million.
Francis Gaskins, an analyst with IPO Desktop, noted that Linktone’s revenues grew steadily through the last four quarters for a 2003 total of $16.5 million. He said a key was Linktone’s series of partnerships with companies like Turner Broadcasting/Cartoon Network and Sony Music, to provide young, hip content for its services.
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