Chinese cable TV company Jishi Media Co Ltd said on Monday it raised 1.96 billion yuan ($311.2 million) in its Shanghai initial public offering, after setting the price at the top end its indicative range.
Jishi Media, which operates in the north-western province of Jilin, said in an exchange filing that it sold 280 million shares at 7 yuan each. It had set a target of 6.58-7.0 yuan.
The company had initially planned to raise about 2.2 billion yuan to fund two cable network projects but the fundraising was reduced amid weak investor demand for new shares.
A volatile stock market has forced a number of companies to postpone share sales or cut the size of IPOs.
Jishi has posted average annual profit growth of 208 percent during the 2008-2010 period, thanks to a government-led campaign to transform analogue TVs into digital. The company has warned that the benefits of the reform could gradually fade.
The company said its earnings doubled in 2010 after surging 373 percent in the previous year. Jishi Media will be traded under the ticker. Citic Securities is the lead underwriter for the deal.
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