China New Borun, a leading producer of corn-based alcohol mostly for baijiu liquor in China, lowered the proposed deal size for its upcoming IPO on Tuesday. The Shandong-based company now plans to raise $47 million by offering 5,500,000 at a price range of $8.00 to $9.00. The company had previously filed to offer 5,500,000 at a range of $12.00 to $14.00. At the mid-point of the revised range, China New Borun will raise 35% fewer proceeds than previously anticipated. China New Borun, which was founded in 2000 and booked $115 mil in sales over the last 12 months, plans to list on the NYSE under the symbol BORN. Piper Jaffray is the lead underwriter on the deal. It is expected to price during the week of 6/7/10.
