China’s Xinhua Finance Media, the Chinese financial new gathering agency, has filed for an IPO in U.S., offering of 23.1 million American Depositary Shares at an estimated price of $12 to $14 each. Xinhua’s programming is distributed across TV, online, print media and radio. It reported 2006 net income of $3.3 million and revenue of $59 million. With 136.6 million shares outstanding after the IPO, Xinhua will carry a market capitalization of about $1.8 billion, based on an IPO price of $13 a share. The proposed ticker is “XFML” on NASDAQ.
247WallSt: Upon completion of this offering, Xinhua will be 36.7% owned by its parent (Xinhua Finance Limited), 8.0% owned by Patriarch Partners Media Holdings, and 5.8% owned by Fredy Bush (Chairman & CEO). The company is based in Shanghai, China, but it is incorporated in the Cayman Islands.
SEC filing is here.
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