February 17, 2012 / 10:42 PM / 8 years ago

UPDATE 1-AdChina files for IPO of up to $100 mln

* Goldman Sachs, Credit Suisse underwriters to the IPO

* Aims to list ADSs on Nasdaq under symbol “ADCN”

Feb 17 (Reuters) - Online advertising company AdChina Ltd filed with U.S. regulators to raise up to $100 million in an initial public offering of its American depositary shares (ADSs).

On Friday, the Shanghai-based company told U.S. Securities and Exchange Commission it intends to use the proceeds from the offering for investing in technology and software development, acquiring advertising inventory and for expansion within China.

The company said its online ad network reached 486 million unique visitors in December 2011.

Goldman Sachs (Asia) LLC and Credit Suisse are the underwriters for the offering.

AdChina, which aims to list its ADSs on the Nasdaq under the symbol “ADCN,” did not reveal how many shares it planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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