TuanChe, which organizes auto shows in China, raised $20 million in a downsized IPO by offering 2.6 million ADSs at $7.80, near the low end of the $7.50 to $9.50 range. Prior to the IPO, the company decreased the proposed offer size from 4.0 million ADSs to 3.0 million. At pricing, TuanChe raised 40% less in proceeds than it would have at the original offer size and midpoint. Insiders had indicated an interest in purchasing $15 million in ADSs (74% of the deal). TuanChe commands a fully diluted market value of $637 million. TuanChe plans to list on the Nasdaq under the symbol TC. Maxim Group LLC and AMTD Asset Management acted as lead managers on the deal.