Kingtone Wirelessinfo Solution Holding, which offers mobile enterprise solutions to business and government agencies in China, lowered the proposed deal size for its upcoming IPO on Tuesday. The Shaanxi Province-based company now plans to raise $20 million by offering 4 million ADSs a price range of $4-$6 after previously filing to offer 4.6 million ADSs at a range of $6-$7. At the mid-point of the revised range, Kingtone will raise -33% fewer proceeds than previously anticipated. The company, which was founded in 2009 and booked $11 million in sales last year, plans to list on the NASDAQ under the symbol KONE. Roth Capital is the lead underwriter on the deal, for which timing was not disclosed.
