NMG pushes ahead with IPO

Hong Kong – New Media Group, a publishing company owned by the Emperor Group, will list on the Hong Kong stock exchange from February and is expected to generate $112 million from the IPO.

New Media publishes five Chinese-language magazines including Oriental Sunday, Weekend Weekly, New Monday, Fashion & Beauty and Economic Digest.

The Emperor Group's Hong Kong Daily News, which recently cut 70 jobs from its editorial and production departments, is not part of the listing assets.

The group is panning to sell 150 million shares of the company at around 75 cents per share, generating some $112.5 million.

Media reports suggest the company will use a portion of the money generated from the float to bolster its circulation and enhance content.

New Media Group will commence trading from 12 February.