Phoenix New Media, a subsidiary of Hong Kong-based Phoenix Satellite Television Holdings, intends to offer about 12.8 million American depositary shares priced between US$12 and US$14 in its spin-off listing in the United States.
In a filing with the US Securities and Exchange Commission, the Beijing-based company says it expects to raise as much as US$205.6 million from its initial public offering and has applied to trade its shares on the New York Stock Exchange.
Phoenix New Media is the leading domestic supplier of news and other premium content across the internet, mobile networks and television channels on the mainland. It was founded in 2000 and incorporated in 2007 as a subsidiary of global Chinese-language broadcaster Phoenix TV, which is partly owned by wireless network giant China Mobile and Xin Kong Chuan Mei Group, a unit of News Corp's Star TV Group.
Phoenix TV, which controls 62.44 per cent of Phoenix New Media, will retain beneficial ownership of 52.17 per cent and voting power of 58.65 per cent after the spin-off.
Based on its proposed share price range, Phoenix New Media will have an estimated market capitalisation of between US$907 million and US$1.1 billion after the listing.
Phoenix TV chairman and chief executive Liu Changle, in a filing with the Hong Kong stock exchange yesterday, said Phoenix New Media and the underwriters were expected to determine the final offer price 'on or about May 11, New York time'.