IPO · Communication Services · Proposed listing on Nasdaq
Focus Media Network IPO: how the business makes money
Focus Media Network sells ad time on more than 800 digital screens in Singapore buildings, earning $3.59 million of revenue in FY2026.
By Hardik Bhandare · Checked against filings:
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Focus Media Network Limited · Singapore · Founded 2005
Based on the registration statement (Form F-1) dated .
Figures: from the preliminary prospectus (F-1), subject to change.
An amended registration statement gives the expected price range and the number of shares offered.
Last updated
- Revenue, year to Mar 31, 2026 (FY2026)
- $3.59M
- Operating income, FY2026
- $1.55M
- Net income, FY2026, including a $0.57M non-cash tax benefit
- $2.27M
- Expected price range, F-1 of Oct 28, 2026
- $4.00 to $6.00
- Officers and directors before the IPO, Oct 28, 2026
- 79.5%
The short version
The Focus Media Network IPO in 5 points
1 · What it sells
Focus Media Network sells advertising on more than 800 digital screens across over 500 commercial building locations in Singapore, its only revenue line at $3.59 million in FY2026.
2 · Who pays it
The largest of approximately 500 clients across FY2025 and FY2026 provided 17% of FY2026 revenue, and the F-1 does not split revenue between brands and ad agencies.
3 · What it keeps from $100
Of every $100 that came in during FY2026, the company kept $52.5 as net income, including $13.2 from a non-cash deferred tax benefit and non-operating other income of $0.16 million; operating income was $1.55 million.
4 · Where the operating profit comes from
All operating profit comes from advertising in Singapore, where operating income was $1.55 million in FY2026 after an operating loss of S$412,702 in FY2025.
5 · The one thing to watch
Accounts receivable rose from S$21,746 at Mar 31, 2025 to S$1,261,445 at Mar 31, 2026, while FY2026 operating cash flow was $0.71 million against net income of $2.27 million.
Sources: From Focus Media Network's Form F-1 dated Oct 28, 2026 · checked
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01The business in one line
What does Focus Media Network do?
Brands and ad agencies pay Focus Media Network to run ads on its screens in Singapore buildings; most costs go on revenue share, licenses and leases for those sites, and what is left is profit.
- All of its $3.59 million of FY2026 revenue was advertising and media services. Revenue was S$4,634,587 as filed, up 104.4% in Singapore dollars.
- Of every $100 that came in during FY2026, it kept $52.5 as net income, including $13.2 from a non-cash tax benefit.
02The offer
What is the Focus Media Network IPO?
- New shares sold by the company
- 5 million shares
- To list on
- Nasdaq
- Proposed ticker
- FMSN
- New shares: the company sells them, so the money, after costs, goes to the company. No existing stockholders are selling.
- The buyers get Class A shares of a Cayman Islands holding company, not of the Singapore companies that earn the revenue.
- The company has applied to list on the Nasdaq Capital Market as FMSN, and the F-1 says Nasdaq has not yet approved it. Closing depends on that approval.
- Kingswood Capital Partners underwrites on a firm commitment basis, for a 6.5% discount and a 1.0% expense allowance, plus up to $175,000 of expenses. It also gets a 12-month right of first refusal on future offerings.
- Lock-up: the company, directors, officers and 5% holders agree not to sell for six months. The F-1 starts this at the first Nasdaq trade on p.10 and p.93, and at closing on p.104. Kingswood may waive it.
Share classes and votes
- Underwriters
- 1 named in the S-1 (lead: Kingswood Capital Partners, LLC)
- Controlled company
- The F-1 says Focus Media Network will be a "controlled company" under Nasdaq rules, with Ms. Chee at 56.25% of votes. It says it does not presently intend to use those exemptions. It relies on home-country practice for a majority-independent board: four executive and four independent directors.
Price terms (as of Oct 28, 2026)
Prices are as of Oct 28, 2026, from the offer documents. They are facts about the offer, not a view on the price.
- Expected price range
- $4–$6 per share
- Offering size
- $25MCityfort calculation from F-1 filed Oct 28, 2026: 5,000,000 shares × $5.00 (midpoint of the range) ÷ 1 million. At $4.00 it is $20.0 million; at $6.00, $30.0 million. Leaves out the underwriter's option on up to 750,000 more shares.
- Market value at this price
- $100MCityfort calculation from F-1 filed Oct 28, 2026: $5.00 (midpoint of the range) × 20,000,000 Class A shares outstanding after the offering ÷ 1 million. At $4.00 it is $80.0 million; at $6.00, $120.0 million. The share count leaves out the underwriter's option. The F-1 states no market valueShare price × number of shares: what all the shares were worth at one dated price. Learn more.
- Lead underwriters
- Kingswood Capital Partners, LLC
- Transfer agent
- VStock Transfer, LLC
Learn: How to read an S-1: Anthropic's IPO registration statement · Dual-class shares: when votes and ownership don't match
03Where the new money goes
What will Focus Media Network do with the money it raises?
- Expanding the screen network in SingaporeAbout 36% of the money after costs, per the F-1. No dollar amount is stated.Amount not fixed
- Buying softwareAbout 28% of the money after costs, per the F-1. No dollar amount is stated.Amount not fixed
- Setting up a joint venture, and mergers and acquisitionsAbout 16%, per the F-1. The F-1 also says it has no definitive plans for acquisitions, joint ventures or alliances.Amount not fixed
- A strategic reserve for regional developmentAbout 10% of the money after costs, per the F-1. No dollar amount is stated.Amount not fixed
- Working capitalAbout 10% of the money after costs, per the F-1. No dollar amount is stated.Amount not fixed
The F-1 gives percentages, not dollar amounts, and says management keeps broad discretion. Each $1.00 change in the price moves the net money by about $4,625,000.
Only the shares the company sells raise money for it; money from shares sold by existing stockholders goes to them.
04Key dates
What are the key dates for the Focus Media Network IPO?
| Event | Date | Source |
|---|---|---|
| Registration statement (Form F-1) filed publicly | Focus Media Network Limited Form F-1, preliminary prospectus with a US$4.00 to US$6.00 price range, filed Oct 28, 2026 | |
| Final prospectus (Form 424B4)Not on EDGAR as checked on Nov 5, 2026. The F-1 leaves the delivery and prospectus dates blank. | Not yet stated | EDGAR submissions for Focus Media Network Ltd (CIK 0002123920), checked Nov 5, 2026: the F-1 is the latest filing; no F-1/A, 424B4 or RW |
| First trade on NasdaqNot stated in any filing this page cites. Closing depends on Nasdaq approving the listing. | Not yet stated | Focus Media Network Limited Form F-1, preliminary prospectus with a US$4.00 to US$6.00 price range, filed Oct 28, 2026 |
| Lock-up ends (six months)The F-1 says six months, not a day count. It starts at the first Nasdaq trade on p.10 and p.93, and at closing on p.104. Holders below 5% are not listed as locked up on p.10 or p.78. | Not yet stated | Focus Media Network Limited Form F-1, preliminary prospectus with a US$4.00 to US$6.00 price range, filed Oct 28, 2026 |
Learn: IPO lock-up agreements: what they are and when they end
05What it sells
What does Focus Media Network sell?
Ads on its digital screens
More than 800 screens across over 500 locations: central business district offices, coworking spaces, business parks and retail. Each screen runs from 7 a.m. to 9 p.m. on a roughly 10-minute loop, 84 spots a day.
Guaranteed placement
An advertiser books fixed slots in advance: four daily time slots and up to two of five zones, per the F-1.
Programmatic ads (pDOOH)
Automated buying through third-party platforms, priced per impression. About S$1.2 million in FY2026, about 26% of revenue, from about S$0.6 million in FY2025.
Other building formats
Large LED screens, wall murals, pillar wraps, linkway stickers, boom gates, lift stickers, screen wraps and on-ground activations.
Think of it like this
Like a small TV channel that plays only in building lobbies: advertisers pay for spots in a loop that repeats all day.
What it does
- Does: Sells ad time directly to brands and through ad agencies
- Does: Offers its screens to automated ad buyers through Perion, VIOOH and Vistar
- Does: Pays building owners a fixed fee plus a share of revenue for its sites
What it does not do
- Does not: Own the buildings: it licenses sites, not exclusively, on initial terms of one to five years (F-1 p.13) or about five years (p.60)
- Does not: Report revenue outside Singapore: the F-1 states revenue as earned in Singapore
- Does not: Report separate business lines: advertising and media services are 100% of revenue
06Who pays it
Who pays Focus Media Network?
Direct advertisers and ad agencies
Not disclosed
Part of approximately 500 clients across FY2025 and FY2026, in sectors such as finance, food, technology, retail and travel. The F-1 says over 30% of clients were repeat clients. It does not split revenue between brands and agencies.
Programmatic buyers
26%
of revenue
Advertisers buying automatically through supply-side platforms, which are ad marketplaces. Contracts with Perion, VIOOH and Vistar are non-exclusive and run 1 to 3 years. About 26% of FY2026 revenue, per the F-1.
Customer concentration
Two unnamed customers provided 17% and 11% of FY2026 revenue. One provided 22% in FY2025. At Mar 31, 2026, major customers were 18% and 11% of receivables; p.50 says two customers, the audited note on F-21 says four. The F-1 does not say whether they are the customers behind the revenue shares.
- Largest customer
- 17%
07How the money flows · FY2026 (year to Mar 31, 2026)
How does money flow through Focus Media Network?
Money in
- Revenue (advertising and media services)$3.6M
- Other income ($0.16M) and a non-cash deferred tax benefit ($0.57M)$0.7M
The company
Focus Media Network
$4.3M came in
Money out
- Cost of revenue: site revenue share, licenses, leases, sales commissions$1.1M
- General and administrative$0.9M
- Financial expense$0M
- Net income$2.3M
- Advertisers paid $3.59 million in FY2026. The F-1 reports this as one revenue line.
- Running the network cost $1.14 million: site revenue share, licenses, leases and sales commissions. That left gross profit of $2.45 million.
- General and administrative costs of $0.90 million left operating income of $1.55 million.
- Other income added $0.16 million and financial expense took $7,416, so pre-tax income was $1.70 million.
- A non-cash deferred tax benefit of $0.57 million lifted net income to $2.27 million. The F-1 shows no current tax in either year.
08Where the money goes · FY2026 (year to Mar 31, 2026)
Where does $100 of Focus Media Network's money go?
Focus Media Network · FY2026 (year to Mar 31, 2026)
Receipt for every $100
| Cost of revenue: sites and commissions | $26.4 |
|---|---|
| General and administrative | $20.9 |
| Financial expense | $0.2 |
| Kept as net income, including the $13.2 tax benefit | $52.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from F-1 filed Oct 28, 2026. Of every $100 that came in during FY2026: revenue, other income and a non-cash deferred tax benefit worth $13.2 of the $100. Each line = line ÷ total money in × 100, so the lines add to 100.
09What it needs to run
What does Focus Media Network need to run?
Sites in buildings
Licenses from developers, landlords, managers, coworking and retail operators, with a fixed fee plus revenue share. The F-1 gives initial terms of one to five years on p.13 and about five years on p.60. Venue partner "Vendor A" was 40.1% of FY2026 cost of revenue (S$590,783).
Screens
More than 800 digital screens. Equipment purchases were small in FY2026, at $21,058.
Ad platforms
Perion, VIOOH and Vistar connect its screens to automated buyers, for a revenue share or a fee per thousand views. The F-1 lists reliance on them as a risk.
People
14 full-time employees: 6 in sales, 3 in administration, 2 each in management and business development, and 1 in creative.
10Why it makes money
Why does Focus Media Network make money?
The company says its site and network costs are largely fixed, so extra ad sales mostly reach profit.
Revenue about doubled in FY2026, from S$2,267,156 to S$4,634,587, while cost of revenue fell from S$1,557,064 to S$1,471,917. The F-1 credits fixed venue licenses. Lease cost within cost of revenue rose, from S$329,279 to S$726,244, and the F-1 does not itemize what fell.
Gross profit per $100 of revenue
$31.3$68.2
FY2025 to FY2026
- License sites from building owners
- Install screens and run a repeating ad loop
- Sell the spots to brands and agencies, or through ad platforms
- Pay the fixed fee and a share of revenue to site owners
- The F-1 dated Oct 28, 2026 says programmatic ads on the same screens add minimal fixed infrastructure cost, and that the company expects sales commission to rise in proportion
↺ Step 5 feeds back into step 1.
11Competitors and what protects it
Who does Focus Media Network compete with?
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Site network3 of 5
More than 800 screens across over 500 locations, per the F-1. Licenses are not exclusive; the F-1 gives initial terms of one to five years on p.13 and about five years on p.60.
- Client spread3 of 5
Approximately 500 clients across FY2025 and FY2026; the largest customer provided 17% of FY2026 revenue.
- Scale against other media1 of 5
FY2026 revenue was $3.59 million. The F-1 says it competes with billboards, transit, mall screens, social media, connected TV and mobile, many with more resources.
Weak spot
Sites it does not own
Revenue from major venue partners was 54.1% of network revenue in FY2026, per the F-1. The Vendor A licensor may end its license without compensation on material breach, insolvency or loss of authority over the premises.
12Where growth could come from
Where could Focus Media Network's growth come from?
Focus Media Network says in its F-1 (Oct 28, 2026) that it plans more screens in Singapore, static-to-LED conversions, retail expansion and deeper ad-platform links. It says it will evaluate other Asian markets.
Programmatic advertising
WorkingAbout S$0.6 million in FY2025 to about S$1.2 million in FY2026, about 26% of revenue (F-1)
The F-1 gives two reasons for the revenue rise. One passage credits the transition to programmatic ads. Another says it was "mainly due to organic growth" of contracts and the network. Its stated figures put programmatic at about S$0.6 million of a rise of about S$2.37 million (Cityfort calculation from F-1 filed Oct 28, 2026).
Status: Working, on track against what the company said.
More screens in Singapore
NewAbout 36% of the money raised after costs, per the F-1
The company also plans hardware-partner revenue sharing and converting static sites to LED, per the F-1.
Status: New, recently announced.
Other Asian markets and acquisitions
EarlyAbout 10% for a regional reserve and about 16% for deals, per the F-1
The F-1 says it has no definitive plans for acquisitions, joint ventures or alliances.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
13The numbers · Consolidated · US$
How has Focus Media Network done?
Revenue
$3.6MFY2026
Revenue was $3.59 million in FY2026 (S$4,634,587), up 104.4% in Singapore dollars from S$2,267,156; FY2025 in dollars is a Cityfort calculation from F-1 filed Oct 28, 2026, at its US$1.00 = S$1.2893.
US$
See the numbers
Net profit
$2.3MFY2026
FY2026 net income of $2.27 million, after a net loss of S$215,293 in FY2025, includes a $0.57 million non-cash deferred tax benefit; operating income was $1.55 million.
US$
See the numbers
Profit kept per $100 of revenue
$63.2FY2026
Net income was $63.2 per $100 of FY2026 revenue with that tax benefit; EBITDA, a Cityfort calculation from F-1 filed Oct 28, 2026 (operating income plus equipment depreciation), was $43.1.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$0.7MFY2026
Operating cash flow of $0.71 million in FY2026 was below net income as receivables rose from S$21,746 to S$1,261,445; free cash flow (Cityfort calculation from F-1 filed Oct 28, 2026) was $0.69 million.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (March 31). Net profit is the share belonging to the company's owners.
Focus Media Network says in its F-1 that it is an emerging growth company, so the filing gives two audited years instead of three.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained
14Financial strength · Mar 31, 2026
How much debt does Focus Media Network have?
- Total debt$0M
- Cash and investments$0.9M
- Net cash (cash minus debt)$0.9M
- Net worth (shareholders' money)$2.4M
- Debt to equity
- 0×
- $ of debt for every $1 of shareholders' money
- Lease liabilities of $1.77 million (Cityfort calculation from F-1 filed Oct 28, 2026: current plus non-current) are not counted as debt here.
- Accounts receivable were $0.98 million, and deferred tax assets $0.57 million, of total assets of $4.53 million.
- The accumulated deficit was $0.36 million. Total liabilities were $2.16 million.
- The F-1 dated Oct 28, 2026 says equity would be about $24.16 million after the offering at an assumed $5.00 a share, against $2.37 million at Mar 31, 2026.
15Who owns it before the IPO · Oct 28, 2026
Who owns Focus Media Network before the IPO?
- Officers and directors (as a group), shares
- 79.5%
- Officers and directors (as a group), votes
- 79.5%
Largest stockholders before the IPO
From the prospectus table of principal stockholders. Holdings fall after the IPO when new shares are sold; the prospectus also shows the holding after the offering.
16Who runs it
Who runs Focus Media Network, and did they deliver?
Audrey Chee Hui Ling
Chair, Chief Executive Officer and director · since 2005
Joined in May 2005; CEO since October 2025. Holds 75.00% of the shares before the offering, through Comeback Investment Assets Limited.
Liu Chun Hung Clement
Chief Financial Officer · since 2007
Joined in March 2007.
Tan Shing
President, Chief Operating Officer and director · since 2007
Joined in August 2007.
Huang Xiaoyan Adeline
Senior Vice President, Advertising, and director · since 2005
Joined in December 2005.
Susan Ong Bee Ling
Senior Vice President, Partnership Development, and director · since 2011
Joined in June 2011.
Pui Man Brenda Tam, Dennis Paul Barsky, Mitchell Adam Presnick, David Doust
Independent director appointees
Their terms start when the registration statement becomes effective.
17Governance signals
What do Focus Media Network's governance filings show?
- Auditor
- Enrome LLP, since 2026
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The F-1 lists one related-party balance beyond employment and indemnification agreements. It was with Focus Media Network Limited (BVI), under common control, and was waived and booked as capital: S$3,391,049 at Mar 31, 2025 and S$118,266 ($91,729) at Mar 31, 2026.
- Credit rating
- No public credit rating found
Flags to know about
other
Two material weaknesses in financial reporting controls
The F-1 reports too few staff with US GAAP and SEC reporting knowledge, and no formal risk assessment and control framework.
other
Controlled company with home-country board practice
Ms. Chee would hold 56.25% of votes after the offering. The company relies on home-country practice instead of a majority-independent board: four executive and four independent directors.
disclosure
Customers, Vendor A and competitors are not named
The F-1 gives percentages for its largest customers and its largest vendor but no names, and names no competitors.
disclosure
Some terms differ inside the F-1
The lock-upA period after an IPO when insiders agree not to sell their shares. Learn more starts at the first Nasdaq trade on p.10 and p.93, and at closing on p.104. Dividends: p.10 says it does not expect to pay them, while p.38 and the cover say it may.
18Group and related parties
How much does Focus Media Network rely on related parties?
- Audrey Chee Hui Ling, chair and CEO, holds 75.00% through Comeback Investment Assets Limited, and would hold 56.25% after the offering.
- Focus Media Network Limited (BVI), under common control, had balances with the group: S$3,391,049 at Mar 31, 2025 and S$118,266 ($91,729) at Mar 31, 2026. They were waived and booked as capital.
- The revenue comes from two Singapore companies, Focus Media Singapore and Digon Media Singapore, held through a British Virgin Islands company.
19Legal cases · as of Oct 28, 2026
What legal cases does the Focus Media Network offer document list?
Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.
20What could go wrong
What could go wrong for Focus Media Network?
- Concentration
Depends on a few venue partners
Revenue from major venue partners rose from 20.2% to 54.1% of network revenue between FY2025 and FY2026, per the F-1. Vendor A alone was 40.1% of FY2026 cost of revenue.
Watch The major-partner share and any license ending in the next filing.
- Cash and liquidity
Clients pay slowly
Accounts receivable rose from S$21,746 to S$1,261,445 in a year. The F-1 says debtor days exceed stated terms and some receivables age past 90 days.
Watch Receivables compared with revenue, and operating cash flow.
- Demand
Advertising is cyclical, and it is all in Singapore
The F-1 says ad spending is cyclical and seasonal, with a lower first half and higher second half of the fiscal yearThe company's own 12-month year, which may not end in December. Learn more. Revenue is stated as earned in Singapore.
Watch Revenue in the quarterly Form 6-K reports the F-1 says it will furnish after listing.
- Competition
Competition from larger media
The F-1 lists billboards, transit, mall screens, social media, connected TV and mobile as competitors, many with more resources. FY2026 revenue was $3.59 million.
Watch Client numbers and repeat-client spending in later filings.
- Concentration
Large customers move revenue
Two unnamed customers provided 17% and 11% of FY2026 revenue. At Mar 31, 2026, major customers were 18% and 11% of receivables; p.50 says two customers, the audited note on F-21 says four. The F-1 does not say whether they are the customers behind the revenue shares.
Watch The largest customers' shares in the next annual report.
- Technology
Reliance on outside ad platforms
Programmatic sales run through third-party platforms outside its control, per the F-1. Contracts with Perion, VIOOH and Vistar run 1 to 3 years and are non-exclusive.
Watch Programmatic revenue, about 26% of FY2026 revenue.
- Governance
Weak financial reporting controls
The F-1 reports two material weaknesses: too few US GAAP and SEC reporting staff, and no formal risk assessment and control framework.
Watch Progress on these weaknesses in the first annual report on Form 20-F.
21Risks of the offer
What risks does the Focus Media Network offer document flag?
Nasdaq may not approve the listing
The F-1 says Nasdaq adopted Rule IM-5101-3 on Dec 19, 2025, widening its discretion to deny a listing. Closing depends on approval, so the offering ends without it.
Immediate dilution
The F-1 dated Oct 28, 2026 states dilution of $3.91 a share at an assumed $5.00. Existing holders paid the company $1,500 in total for 75.0% of the shares. At $5.00, new buyers would pay $25,000,000 for 25.0%.
One person controls the votes
Ms. Chee would hold 56.25% of votes after the offering. The F-1 says the company will be a controlled company and follow home-country practice on board independence.
Other share classes can dilute Class A
Class B shares carry 15 votes each, and the board sets Class C votes without a shareholder vote. None are outstanding, but the F-1 says issuing them could dilute Class A and limit its influence.
Broad discretion over the money
Management keeps broad discretion over the money, per the F-1. About 16% is marked for deals, while the F-1 says it has no definitive plans for any.
Cayman holding company
Buyers hold shares of a Cayman Islands company with operations in Singapore. The F-1 says US judgments may be hard to enforce, and dividends rely on its subsidiaries.
Tax and trading rules
The F-1 flags possible passive foreign investment company (PFIC) status for US holders, and possible penny stock treatment if the price falls.
22How it got here
How did Focus Media Network get here?
2005
Milestone
Operating company incorporated
Focus Media Singapore Pte. Ltd. was incorporated on Feb 3, 2005. The F-1 says its network has a core presence in the elevator lobbies of commercial buildings.
2025
Milestone
Holding company and a new CEO
The British Virgin Islands holding company was incorporated on Aug 19, 2025. Ms. Chee became CEO in October 2025.
2026
Business-model change
Programmatic ads reach about a quarter of revenue
About 26% of FY2026 revenue, ended Mar 31, 2026, came through programmatic sales, per the F-1.
2026
Milestone
Cayman holding company formed
The company was incorporated on Jan 27, 2026. After a March 2026 reorganization, Comeback passed 2,500,000 shares to six investors, per the F-1.
2026
Milestone
Second operating company and more shares
Digon Media Singapore was incorporated on Apr 10, 2026. An allotment on Oct 5, 2026 took the share count from 10,000,000 to 15,000,000.
2026
Milestone
F-1 filed
After confidential drafts from May 13, 2026, the company publicly filed its Form F-1 on Oct 28, 2026.
23Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose 104.4% in Singapore dollars in FY2026, from S$2,267,156 to S$4,634,587.
- Operating results moved from a loss of S$412,702 in FY2025 to income of $1.55 million in FY2026.
- Gross profit rose from $31.3 to $68.2 per $100 of revenue, as stated in the F-1.
- The company had no bank borrowings at Mar 31, 2026 and $0.88 million of cash.
- Operating cash flow was $0.71 million in FY2026, after a use of S$86,530 in FY2025.
What critics point to
- FY2026 net income of $2.27 million includes a $0.57 million non-cash deferred tax benefit; pre-tax income was $1.70 million.
- Accounts receivable rose from S$21,746 to S$1,261,445 in one year, and the F-1 says some age past 90 days.
- Major venue partners accounted for 54.1% of network revenue in FY2026, up from 20.2%.
- The F-1 dated Oct 28, 2026 states dilution of $3.91 a share at an assumed $5.00, and Ms. Chee would hold 56.25% of votes.
- The F-1 reports two material weaknesses in financial reporting controls.
24What to watch next
What should you watch next for Focus Media Network?
Next event
An amended F-1 (F-1/A) or a final prospectus (Form 424B4)
Date not announced yet.
Nasdaq approval
Closing depends on Nasdaq approving the listing. The F-1 says the company has applied and approval has not been given.
Final price and share count
The F-1 of Oct 28, 2026 states $4.00 to $6.00 and 5,000,000 shares. A later filing may change them.
Collecting receivables
Receivables reached S$1,261,445 at Mar 31, 2026, on FY2026 revenue of S$4,634,587. Operating cash flow shows how much arrives as cash.
Venue licenses
Major venue partners were 54.1% of network revenue in FY2026. The F-1 gives initial license terms of one to five years on p.13 and about five years on p.60.
First results after listing
The company says in the F-1 that it will furnish unaudited quarterly information on Form 6-K within 45 days of each quarter end.
25Key facts
Key facts about Focus Media Network
- What does Focus Media Network do?
- Focus Media Network Limited, a Cayman Islands company with its offices in Singapore, sells advertising on more than 800 digital screens across over 500 commercial building locations in Singapore, per its Form F-1 dated Oct 28, 2026. Its operating company was incorporated in 2005.
- How does Focus Media Network make money?
- Focus Media Network earns revenue from advertisers who pay to appear on its screens and other building sites. All of its $3.59 million of revenue in the year to Mar 31, 2026 (FY2026) was advertising and media services, per its F-1.
- What is Focus Media Network's business model?
- Focus Media Network licenses space in buildings from landlords and developers, installs screens and sells the ad time. In FY2026 its cost of revenue was $1.14 million on revenue of $3.59 million, per its F-1.
- How much of Focus Media Network's revenue is programmatic advertising?
- Focus Media Network reported about S$1.2 million of programmatic digital out-of-home revenue in FY2026, about 26% of revenue, per its F-1. That is automated ad buying through third-party platforms such as Perion, VIOOH and Vistar.
- What is Focus Media Network's revenue by segment?
- Focus Media Network reports one revenue line: advertising and media services, 100% of revenue in FY2026, per its F-1. Its revenue is stated as earned in Singapore, and the F-1 gives no segment table.
- Who are Focus Media Network's customers?
- Focus Media Network had approximately 500 clients across FY2025 and FY2026, both direct and programmatic advertisers, per its F-1. Two unnamed customers provided 17% and 11% of FY2026 revenue.
- How big is Focus Media Network?
- Focus Media Network's revenue was $3.59 million in the year to Mar 31, 2026 (S$4,634,587 as filed), up from S$2,267,156 in FY2025, per its F-1. It had 14 full-time employees.
- Is Focus Media Network profitable?
- Focus Media Network reported operating income of $1.55 million and net income of $2.27 million in FY2026, per its F-1. Net income includes a $0.57 million non-cash deferred tax benefit. FY2025 was a net loss of S$215,293.
- Who owns Focus Media Network before the IPO?
- Chair and CEO Audrey Chee Hui Ling held 75.00% of Focus Media Network's shares before the offering, per its F-1 dated Oct 28, 2026, and would hold 56.25% after. Officers and directors as a group held 79.50%.
- What is the Focus Media Network IPO?
- Focus Media Network filed a Form F-1 on Oct 28, 2026 to sell 5,000,000 new Class A shares at an expected $4.00 to $6.00 each, with no selling stockholders. It has applied to list on the Nasdaq Capital Market as FMSN.
26Sources and changes
Where every number on this page comes from
Sources (2 documents)
- S1Focus Media Network Limited Form F-1, preliminary prospectus with a US$4.00 to US$6.00 price range, filed Oct 28, 2026 · SEC EDGAR (filed by Focus Media Network Limited) · Tier 1: company or exchange filing · Oct 28, 2026
- S2EDGAR submissions for Focus Media Network Ltd (CIK 0002123920), checked Nov 5, 2026: the F-1 is the latest filing; no F-1/A, 424B4 or RW · SEC EDGAR · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version, based on the F-1 dated Oct 28, 2026. (first version, based on the F-1)
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