IFM Investments/Century 21 China, which provides real estate services and franchises the Century 21 brand in China, raised $87 million by offering 12.5 million ADSs at $7.00, the low end of the revised range, Thursday morning. The company had originally planned to offer 16.7 million ADSs, including 4.2 million ADSs from selling shareholders, at a price between $8.75 and $10.75, but it lowered the price range and removed the secondary selling in a Wednesday SEC amendment. Century 21 China plans to list on the NYSE under the symbol CTC. Goldman Sachs, Morgan Stanley, William Blair and Oppenheimer were the lead managers on the deal.
