PR Newswire Asia, 5/12/11
Shares of wireless and TV new media company Phoenix New Media (PNM) (NYSE: FENG), a subsidiary of Phoenix TV (2008.HK), rose 34.1% on its first day of trading from an initial price of USD 11 per American Depository Share (ADS) to close at USD 14.75.
Of the 12,767,500 ADSs being offered, PNM offered 11,500,000 and the selling shareholders offered 1,267,500. PNM has granted the underwriters a 30-day option to purchase an additional 1,915,125 ADSs from PNM, at the initial public offering price less the underwriting discount to cover any possible over-allotments.
Morgan Stanley, Deutsche Bank and Macquarie Capital acted as joint bookrunners, and Cowen and Company, LLC and China International Capital Corporation Hong Kong Securities Limited acted as co-managers for the offering.