TOMO opens
NASDAQ: TOMO
Fiscal Year-End: December
2003 Sales (mil.): $77.1
1-Year Sales Growth: 157.1%
2003 Net Income (mil.): $19.6
2003 Employees: 465
Tom Online draws warm reception
U.S. listing of Beijing firm marks week's 2nd China deal
NEW YORK (CBS.MW) -- Tom Online, a wireless services firm controlled by Hong Kong magnate Li Ka-Shing, priced at about $15.55 per share for the start of U.S. trading next week, according to IPO tracking firm Dealogic.
The Beijing-based company priced at the top of its $13.56 to $15.56 per share range in a warm reception on Wall Street, hungry for more stock from China. The stock is due to begin trading in the U.S. on Wednesday and in Hong Kong the following day.
Tom Online (TOMO: news, chart, profile) raised about $175 million in the IPO with underwriters Citigroup and Morgan Stanley.
It's the second China-based wireless services provider IPO to price this week, on the heels of Thursday's strong debut from Linktone (LTON: news, chart, profile). See full story.
Meanwhile, another upcoming IPO from China chip foundry Semiconductor Manufacturing boosted the size of its deal in a sign of strong investor interest.
Billed by Forbes magazine as Asia's richest man at $7.8 billion in net worth, Li Ka-Shing's empire rests on the real estate, telecom and port services conglomerate Hutchinson Whampoa.
With a presence in 41 countries, his empire accounts for about 13 percent of Hong Kong's stock market value, according to Forbes. He has invested $7 billion in China, including Internet services firm Tom.com.
The Tom Online IPOs amounts to about 25 percent of parent company Tom.com.
Tom Online delivers products and services and online advertising from its Internet portal to users' mobile phones.
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