Phoenix Publishing raises $705 million from Shanghai IPO

Tan Yue, chairman of Phoenix Publishing, holds up a trophy at the CCTV China Economic Figures awards ceremony in Beijing ImagineChina

Phoenix Publishing Media, a leading publishing group in China, raised Rmb4.47 billion $705 million from its Shanghai initial public offering yesterday, after fixing prices at the top end of an indicated range.

The deal proved popular with both institutional and retail investors and will likely bring a glimmer of hope to the weak A-share market, which has lost 15% so far this year. The company sold 509 million shares, all primary, at Rmb8.8 each, at the high end of...