BEIJING - Shares in Beijing Enlight Media Co Ltd, a private media company, surged more than 40 percent from the offering price of 52.5 yuan ($8.16) on its stock market debut on Wednesday, in what analysts said was a sign of things to come as many entertainment and media companies go public.

The shares closed at 74 yuan, against an opening price of 70.88 yuan, in an initial public offering (IPO) on the Growth Enterprises Market, China's Nasdaq-style market.

Huayi Brothers Media Corp, television program producer Zhejiang Huace Film & TV Co Ltd and distributor Bona Film Group, all major players in the entertainment market, have held domestic and overseas IPOs since 2009.

As the country's media and entertainment industries keep growing, more companies in this sector will turn to the equity markets to raise funds, for expansion, said analysts.

According to a report by PricewaterhouseCoopers, China is expected to overtake Germany this year as the world's third-largest entertainment and media market with total revenues of $96 billion.

Chen Shaofeng, vice-dean of the Institute for Cultural Industries at Peking University, forecast that some 120 to 150 companies in the sector might go public from this year to 2015, boosted by the development of the cultural industry in recent years.

Movie makers, such as China Film Group Corp, and cinema operators, including Wanda Cinemas, have said that they are preparing for IPOs.

Wang Changtian, president of Enlight Media, said the company will mainly use IPO proceeds to improve the content of its TV programs and expand its distribution network. He said the company has no plans to build or operate cinemas itself, but it doesn't exclude the possibility of investing in or acquiring theater chains.

In the next three years, Enlight Media plans to produce three to five movies a year with its investment and distribute 10 to 20 domestic films, so as to maintain its No 3 position in the film industry.

China's advertising market continues to grow rapidly, which is good news for companies that generate revenue from advertising, such as Enlight Media, said Sun Jin, an analyst with China Galaxy Securities Co Ltd.

Revenues for traditional advertising, which excludes the Internet, reached 584.76 billion yuan last year, with 77 percent going to television, according to Charm Communications Inc, a leading advertising agency.