Funtalk China Holdings, a Chinese wireless-communications devices retailer, said it planned to sell 7 million shares in a public offering.
Last week, the company said it would sell 10 million shares. And back in July it had proposed divesting a minimum…
Funtalk China Holdings, a Chinese wireless-communications devices retailer, said it planned to sell 7 million shares in a public offering.
Last week, the company said it would sell 10 million shares. And back in July it had proposed divesting a minimum of 12 million shares, but the sale was later postponed due to “volatile market conditions”, according to a statement.
Funtalk explained yesterday that in connection with the new offering, the underwriters would be able to buy up to a further 1.05 million shares. The company intends to use the proceeds to expand its retail network by taking stakes in rivals and open new shops.
BofA Merrill Lynch and Jefferies & Company have been appointed as joint bookrunners, while Oppenheimer, Roth Capital Partners and Rodman & Renshaw will serve as co-managers on the sale.
