Magazine group plans to launch two new titles in mainland
Listing candidate One Media Group is banking on revenue growth from its mainland magazine business by launching two new titles, including the mainland edition of its flagship celebrity title Ming Pao Weekly and the United States-based Rolling Stone, in the next few months.
One Media plans to raise between $100 million and $125 million by selling 100 million new shares in an initial public offering at an indicative price range of $1 to $1.25 each. The offer closes next Wednesday, with shares expected to start trading on October 18.
ICEA and CIMB-GK Securities are the joint sponsors of the deal.
Institutional investors had responded well to the 90 per cent tranche, CIMB executive vice-president Alex Lau said.
One Media will use 40 per cent of the proceeds for acquisitions and strategic alliances in its mainland magazine businesses, while $20 million will be used for marketing of the two versions of Ming Pao Weekly and Rolling Stone. The balance has been earmarked for circulated campaigns, repayment of a short-term bank loan and general working capital.
