263.net to Begin Taking IPO Subscription Orders

Sina Tech, 8/17/10

According to a public announcement by the Shenzhen Stock Exchange this morning, Chinese ISP and telecom value-added services firm 263.net issued a prospectus today and will begin accepting subscriptions on August 25. Shares will be available for purchase online and offline, and the stock will be listed on the Shenzhen Stock Exchange's SME board.

The IPO will be carried out through a combination of offline placement to targeted investors and an offering to online investors at a fixed price. No more than 6 mln shares, or 20% of all circulating shares, will be issued offline; 24 mln will be issued online.

Funds raised through the IPO will go to fund projects including email service expansion, virtual call center development, 95050 conference calling service expansion, and data center construction, all of which will have a total cost of RMB 257 mln.

Editor's Note: For more background on this topic, please see "263.net Obtains IPO Approval" MD 4/26/10 issue.

Keywords: Internet IPO 263.net Shenzhen Stock Exchange bourse funding VAS telecom

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