Focus Mediaundefined shareholders sold 2.5 million American depositary shares to the public in a secondary offering at $57 apiece.
Selling shareholders included President David Feng Yu, certain Carlyle funds and other former shareholders of Target Media. Target Media is a flat panel display advertiser that agreed in January to merge with Shanghai-based Focus Media.
Remaining holdings of the sellers are subject to lock-up until Feb. 28, 2007. Credit Suisse Securities is serving as the sole bookrunning manager.
Shares rose $1.53 Tuesday to $59.41.