Shareholders in outdoor media firm Focus Media Holding are selling 69 million shares to reap profits following the stock's surge by more than 292 per cent since listing in July last year. The Nasdaq-listed firm, which installs flat-panel television displays in lift lobbies and sells air-time slots to advertisers, said yesterday it would offer 79 million shares or 7.9 million American depositary shares. The sale includes 10 million new shares from the company; the rest are from existing shareholders. It will be the second time this year the firm and its shareholders have sold stock. In February, it sold 7.4 million American depositary shares at US$43.50 each. A source said Focus Media's investors prior to the firm's listing would offer 6.4 million American depositary shares while founder Jason Jiang would offer 500,000. Focus Media will also sell one million new American depositary shares. Credit Suisse Group, Goldman Sachs, Citigroup, Lehman Brothers, Merrill Lynch and Piper Jaffray are underwriting the new offering. They have been given the option to buy up to a further 1.19 million American depositary shares. The offer price has not yet been set and sources said the company's roadshow would start this Friday while pricing was expected to be finalised on June 15. Based on the closing price of the company's American depositary shares, which have surged from US$17 in July last year to US$66.75 last Friday, the offer is expected to raise US$66.75 million. Focus Media said it had budgeted US$24 million of net proceeds to fund the acquisition of Target Media earlier this year and US$20 million would be used for capital expenditure to expand its flat-panel display screen network. Part of the proceeds might also be used for future acquisitions and general corporate purposes, it said.