Education Web site seeks US$250m to finance marketing campaigns

Shenzhen-based Internet firm NetBig.com aims to raise US$150 million to $250 million in the first half of the year to buy more Web sites and finance mainland marketing campaigns.

The education services company would also set up a site each in Hong Kong and Taiwan during the next two months.

Average daily hits on the Web site would reach eight million by the end of the year after the planned expansion, president Charles Huang said.

NetBig.com's average daily hits were one million at the end of last year.

Mr Huang said the company planned to raise about $50 million with investment banks and venture-capital firms. It hoped to raise another $100 million to $200 million through an initial public offer.

The company had not decided whether to list on the Growth Enterprise Market or Nasdaq, he said.