CGEN Pulls IPO

CGEN Digital Media Network Co. Ltd., a Shanghai-based operator of China's largest in-store television advertising network, has withdrawn its IPO registration. The move comes because CGEN was acquired yesterday by Focus Media Holding.

 

It had planned to trade on the Nasdaq, with Piper Jaffray serving as lead underwriter.

 

CGEN had raised nearly $28 million in VC funding from firms like TDF Capital (12.2% pre-IPO stake), Redpoint Ventures (11.9%), Jafco (10.9%), Sumitomo Corp. (5.7%) and Hotung Investments (5.4%). www.cgenmedia.cn