Phoenix New Media Limited, which operates a leading news and premium content web site (ifeng.com) in China, raised a lower-than-expected $140 million by offering 12.8 million ADSs at $11, below its proposed range of $12 to $14. Phoenix New Media's reduced IPO pricing comes on the heels of deteriorating performance among recent US-listed Chinese IPOs. Most recent Chinese IPOs are now trading below their respective issue prices, including China's major social network Renren (RENN; down 4%), mobile security software company NetQin Mobile (NQ; down 30%) and online dating website Jianyuan.com (DATE; down 4%).
Phoenix New Media Limited is expected to begin trading on Thursday on the NYSE under the symbol FENG. Morgan Stanley, Deutsche Bank Securities and Macquarie Capital acted as lead underwirters on the IPO.
