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IPO News

1/27/10

Century 21 China, which provides real estate services and franchises the Century 21 brand in China, lowered the proposed deal size for its upcoming IPO on Wednesday. The Beijing-based company now plans to raise $94 million by offering 12.5 million ADS at a price range of $7.00 to $8.00, with insiders forgoing the planned sale 4.2 million ADS. The company had previously filed to offer 16.7 million ADS at a range of $8.75 to $10.75. At the mid-point of the revised range, Century 21 China will raise -42% fewer proceeds than previously anticipated. Century 21 China, which was founded in 2000 and booked $74 million in sales over the last 12 months, plans to list on the NYSE under the symbol CTC. Goldman Sachs and Morgan Stanley are the lead underwriters on the deal, which is expected to price later tonight.