Lizhan Environmental Corporation, which sells synthetic leather to furniture, automotive upholstery and garment manufacturers, changed the terms for its upcoming IPO on Thursday. The Zhejiang Province-based company now plans to raise $10 million by offering 1.8 million shares at a price range of $5-$6. The company had previously filed to offer 2.9 million shares at a range of $3-$4; at the mid-point of the revised range, Lizhan Environmental Corporation will raise the same amount of proceeds in its IPO. Lizhan Environmental Corporation, which was founded in 2005 and booked $40 million in sales for the 12 months ended June 30, plans to list on the NYSE under the symbol LZEN. Maxim Group LLC is the lead underwriter on the deal, for which timing was not disclosed.
