Towona Mobile TV Media Group Co Ltd, an operator of TV screens on buses in China, is preparing to list on Nasdaq next year to raise funds to expand its mobile advertising network and produce more programs, the firm said.

Company officials wouldn't speculate on the net proceeds they expect to raise from the initial public offering. In any case the timetable for the IPO has not been finalized yet.

The company, which has just moved its headquarters from southeastern Fujian Province to Beijing, operates 35,000 bus screens in 25 cities in eastern China. Each screen costs more than 1,000 yuan (US$125) to install. The company also makes its own programs covering catering, TV series and entertainment.

But its network does not yet cover its new base Beijing or Shanghai, where the local TV stations have already installed their screens on buses. Outdoor ads have become one major channel for advertisers to lure consumers.

Focus Media, the country's largest outdoor advertiser whose screens are mostly in office lobbies and commercial locations, went public on Nasdaq in July last year. Last month, the Carlyle Group said it would invest US$20 million in Time Share Advertising & Communications.

Source:佚名