Phoenix New Media Limited, an integrated platform enabling users to access news on the Internet and through mobile devices, announced terms for its IPO on Wednesday. The Beijing, China-based company plans to raise $166 million by offering 12.8 million ADSs at a price range of $12 to $14. At the mid-point of the proposed range, Phoenix New Media Limited will command a market value of $982 million. Phoenix New Media Limited, which was founded in 2000 and booked $80 million in sales for the 12 months ended December 31, 2010, plans to list on the NYSE under the symbol FENG. Morgan Stanley, Deutsche Bank Securities, and Macquarie Capital are the lead underwriters on the deal, which is expected to price during the week of May 9.
