China Electric Motor, which produces micro-motor products for household appliances, vehicles and other consumer devices, lowered the proposed deal size for its upcoming IPO on Wednesday. The Shenzhen-based company now plans to raise $24 million by offering 5.0 million shares at a price range of $4.50 to $5.00. The company had previously filed to offer 4.25 million shares at a range of $5.50 to $6.50. At the mid-point of the revised range, China Electric Motor will raise -7% fewer proceeds than previously anticipated. China Electric Motor, which was founded in 2007 and booked $69 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol CELM. Roth Capital and Westpark Capital are the lead underwriters on the deal, which is expected to price this week.
