Cango, an online car marketplace for businesses and consumers in China, raised $44 million by offering 4 million shares at $11, the midpoint of the $10 to $12 range. The company originally planned to offer 12.5 million ADSs before slashing its proposed deal size on Wednesday morning. Cango plans to list on the NYSE under the symbol CANG. Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) acted as lead managers on the deal.
