Focus Media Announces Pricing of Initial Public Offering of American Depositary Shares
Focus Media Announces Pricing of Initial Public Offering of American Depositary Shares
SHANGHAI, China, July 13 /Xinhua-PRNewswire/ -- Focus Media Holding Limited (NASDAQ:FMCN), the operator of the largest out-of-home advertising network in China using audiovisual television displays based on the number of locations and number of flat-panel television displays in its network, announced today that its initial public offering of 10,100,000 American Depositary Shares (ADSs), each representing ten ordinary shares, has been priced at US$17 per ADS. The ADSs will begin trading today on The Nasdaq National Market under the symbol "FMCN."
The offering consists of 7,000 000 ADSs offered by Focus Media and 3,100,000 ADSs offered by its selling shareholders. The company and selling shareholders have granted the underwriters an option to purchase up to an additional 1,515,000 ADSs to cover over-allotments.
Goldman Sachs (Asia) L.L.C. is acting as sole bookrunner and joint-lead manager along with Credit Suisse First Boston for the offering.
A registration statement relating to these securities was filed and declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A copy of the prospectus relating to this offering may be obtained from Goldman, Sachs & Co., c/o Prospectus Department, 85 Broad Street New York, NY 10004, phone number: 212-902-1171.
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although Focus Media believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
About Focus Media
Focus Media operates the largest out-of-home advertising network in China using audiovisual television displays based on the number of locations and number of flat-panel television displays in its network. Focus Media has a presence in more than 10,000 commercial locations and over 400 retail stores in 44 cities throughout China. Since it commenced commercial operations in May 2003, Focus Media has placed 21,021 flat-panel television displays in high traffic areas, such as elevator lobbies of commercial buildings, retail chain stores, beauty parlors, karaoke parlors and golf country clubs as of March 31 2005. For more information about Focus Media, please visit our website ir.focusmedia.cn.
For more information, please contact:
Investor and Media Contact: Jie Chen, Investor Relations Manager, Focus Media Holding Ltd. Tel: +86-21-3212-4661 x6607 Email: ir@focusmedia.cn
Source: Focus Media Holding Ltd.
CONTACT: Jie Chen, Investor Relations Manager of Focus Media Holding Ltd., +86-21-3212-4661 x6607, or ir@focusmedia.cn
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