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.