In a sign of weak demand, Corel, a Canadian software firm that markets affordable and easy-to-use productivity and graphics/digital imaging products, reduced its IPO range by -11% to $16 to $18 from $18 to $20 on Tuesday. In addition, private equity investor Vector Capital is selling 1.5 million shares less than originally anticipated, bringing the total offering size to 6.5 million shares (5 million primary). At the new midpoint, Corel will have an initial market cap of $438 million. Morgan Stanley and JP Morgan are the lead underwriters on the deal, which was expected to price later tonight.
