Trampled under foot: Sole Elite Group cuts IPO size by as much as 66%, adds warrants

Sole Elite Group, a Chinese athletic shoe sole manufacturer, lowered the shares offered and proposed range for its upcoming IPO on Thursday. It also added one warrant to each share purchased in the offering, exercisable at 120% of the IPO price.

The Jinjiang, China-based company would raise $11 million if it prices the 2.0 million unit offering at the low end of the range of $5.50 to $7.00. The company had previously filed to offer 3.0 million shares at a range of $10 to $12. At the low end of the revised range, Sole Elite Group will raise 66% less in proceeds than previously anticipated, at a market cap of $94 million, down from $198 million.

Sole Elite Group was founded in 2006 and booked $120 million in sales for the 12 months ended June 30, 2015. It plans to list on the Nasdaq under the symbol SOLE. Dawson James and ViewTrade are the joint bookrunners on the deal. It is expected to price in November.