Channel Media, which provides advertising space in parking lots in gateway cities, said yesterday it plans an initial public offering within two or three years to tap the strong consumption power of Chinese car owners.

Channel Media, whose business focuses on Shanghai, Beijing, Guangzhou and Shenzhen, aims for an annual revenue of 1 billion yuan (US$147 million), 10 times from its present level, said Chief Executive Li Ge.

"We will keep the high growth in the market based on car owners who have high income and strong consumption power," said Li.

Channel Media, in which venture capital firms including Sequoia Capital have invested a total of US$20 million, will launch its IPO in two or three years, Li added, without providing more details.

In 2009, Channel Media's revenue jumped 30 percent to surpass more than 100 million yuan despite the global economic recession.

In the four gateway cities, Channel Media offers its advertising space in 2,300 parking lots located in shopping malls, entertainment venues, office buildings and residential apartments.