Phoenix New Media shares rise in debut trading

AP News
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Posted: May 12, 2011 12:09 PM

Shares of Phoenix New Media Ltd. are up on their first day of trading, bucking the trend in the broader markets.

The China-based company, which operates a news and premium content website, offered 12.8 million American depositary shares for $11 each, below a proposed range of $12 to $14. Each ADS represents eight Class A ordinary shares.

In midday trading, the stock was trading at $13.15.

Phoenix sold 11.5 million ADS, and selling shareholders sold the rest.

Morgan Stanley, Deutsche Bank, and Macquarie Capital are managing the offering. They have a 30-day option to buy up to 1.9 million added shares to cover excess demand.

Shares are listed on the New York Stock Exchange under the symbol FENG.