Chinese Financial Firm Xinhua Files For U.S. IPO; Could Raise Up To $371 Million

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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