Cango, a online car marketplace for businesses and consumers in China, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Shanghai, China-based company now plans to raise $44 million by offering 4 million ADSs at a price range of $10 to $12. The company had previously filed to offer 12.5 million ADSs at a range of $10 to $12. At the midpoint of the revised range, Cango will raise 68% less in proceeds than previously anticipated.
Cango was founded in 2010 and booked $162 million in revenue for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol CANG. Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
