China Electric Motor, which produces micro-motor products for household appliances, vehicles and other consumer devices, raised $23 million by offering 5 million shares at $4.50, at the low end of its revised range of $4.50 to $5.00. It had previously modified IPO terms twice, first filing to offer 2.3 million shares at $6-$7 and then filing to offer 4.25 million shares at a range of $5.50-$6.50). China Electric Motor is listing on the NASDAQ under the symbol CELM. Roth Capital and Westpark Capital acted as lead managers on the deal.
