Chinese Ad Network Planning $100M IPO
Shanghai-based advertising company Allyes AdNetwork is planning a $100 million IPO on the US NASDAQ, according to Reuters. Allyes, one of the largest online ad companies in China, is working with Morgan Stanley on the offering and could hit the exchange as early as March.
Allyes boasts many big name clients, including Dell and Chinese portal Sina.com. The company was founded in 1998, and is currently running on capital left over from a $30 million investment by Chinese and American venture firms in 2005.
The company accounts for at least half of the Chinese Internet advertising market, says Reuters. In June of last year, Allyes was named one of the top 21 new enterprises of 2006 by China Entrepreneur Magazine.
Allyes denied rumors of an impending purchased by Chinese media advertising business Focus Media Holding Ltd, which is already an investor in the company. Focus, which operates an out-of-home LCD screen advertising network, is also listed on the NASDAQ.
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