IPO News Archive
Internet advertising platform AdChina files for $100 million US IPO
AdChina, which operates an Internet advertising platform in China, registered with the SEC on Friday for a $100 million initial public offering. The Shanghai-based company, which was founded in 2007, saw sales rise 86% to $51 million in 2011. Operating expenses more than tripled, however, and AdChina recorded a net loss of $19 million. Venture capital firms GSR Ventures, Richmond Global and Norwest Venture Partners own 55.7% of shares prior to the offering; News Corporation has a 9.2% stake. AdChina plans to list on the NASDAQ under the symbol ADCN. Goldman Sachs and Credit Suisse are the lead underwriters on the deal.