TuanChe, which operates an automotive marketplace in China, lowered the proposed deal size for its upcoming IPO on Friday.
The Beijing, China-based company now plans to raise $25.5 million by offering 3.0 million ADSs at a price range of $7.50 to $9.50. Insiders still intend to purchase $15 million worth of shares in the offering (now 59% of the deal). The company had previously filed to offer 4.0 million ADSs at the same range. At the midpoint of the range, TuanChe will raise 25% less in proceeds than previously anticipated.
TuanChe was founded in 2010 and booked $66 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol TC. Maxim Group LLC and AMTD Asset Management are the joint bookrunners on the deal. It is expected to price during the week of November 19.
