China Commercial Credit, a microcredit lender to small businesses in the Jiangsu Province of China, lowered the proposed deal size for its upcoming IPO on Thursday. The Wujiang, China-based company now plans to raise $13 million by offering 1.9 million shares at a price range of $6 to $7. The company had previously filed to offer 2.7 million shares at the same range. At the midpoint of the revised range, China Commercial Credit would raise 29% fewer proceeds than previously anticipated.
China Commercial Credit, which was founded in 2008 and booked $13 million in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol CCCR. China Commercial Credit initially filed confidentially on February 14, 2013. Burnham Securities and Axiom Capital Management are the joint bookrunners on the deal. It is expected to price during the week of July 29, 2013.
