Wanda Sports Group, the sports events, media, and marketing platform of China's Wanda Group, raised $190 million by offering 23.8 million ADSs at $8, below the downwardly revised range of $9 to $11. The company had previously filed to raise $280 million by offering 28 million ADSs at that range, after cutting its deal size down from $450 million (33.3 million ADSs at $12 to $15).
On Thursday, the company disclosed that outside investors had indicated on $280 million of the IPO (100%) at the $10 midpoint, but on Friday morning it filed an update stating that $105 million had been indicated on.
Wanda Sports Group plans to list on the Nasdaq under the symbol WSG. Morgan Stanley, Deutsche Bank, Citi, Haitong International, CICC, CITIC CLSA and Societe Generale acted as lead managers on the deal.
