Focus Media is looking to list in Hong Kong to raise at least $1 billion as soon as the end of this year, according to sources familiar with the situation.
The size of the IPO could even be “much larger” given the company is growing at a fast pace and its valuation will increase accordingly, said one source.
Focus Media, China’s largest out-of-home advertising network operator, has posted an annual growth rate of 10%-15% and has a strong and stable cash flow.
Its EBITDA was $480 million and Capex was less than $50 million last year, according to sources.
Focus Media...
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