China Intelligent Lighting and Electronics, a Chinese manufacturer of LED lighting products for household and commercial usage, cut the proposed price range for its upcoming IPO on Tuesday. The Guangdong-based company now plans to raise $16 million by offering 3.5 million shares at a price range of $4-$5, down from its previous range of $5.50-$6.50. The company had previously increased its deal size in late March by raising the number of shares to be offered from 2.5 million to 3.5 million and boosting the price range from $3-$4 to $5.50-$6.50. China Intelligent Lighting and Electronics, which was founded in 2007 and booked $49 million in sales last year, plans to list on the NYSE under the symbol CIL. Rodman & Renshaw and Westpark Capital are the lead underwriters on the deal, for which timing was not disclosed.
