China Intelligent Lighting, a China-based manufacturer of LED lighting products, lowered the proposed deal size for its upcoming IPO on Monday. The Guangdong-based company now plans to raise $10 million by offering 3.35 million shares at a price of $3 per share. The company had previously filed to offer 3.5 million shares at a range of $4-$5. At the mid-point of the revised range, China Intelligent Lighting will raise -36% fewer proceeds than previously anticipated. China Intelligent Lighting, which was founded in 2005 and booked $62 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, which is expected to price this week.
