Phoenix Publishing IPO

Phoenix Publishing seeks $704 million from Shanghai IPO

The company values its shares at a big premium to the market, but still attracts enough institutional demand to cover the books 12 times.

China’s equity markets continue to produce big initial public offerings, despite a weak secondary market and an overheated primary market. Phoenix Publishing & Media Corp, a leading publishing group in China, plans to raise up to Rmb4.48 billion ($704 million) through an IPO in Shanghai to fund expansion.

¬ Haymarket Media Limited. All rights reserved.

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