China Century Dragon Media, a TV advertising company in China that resells ad time on China Central Television, lowered the proposed deal size for its upcoming IPO on Thursday. The Huizhou City-based company now plans to raise $7.5 million by offering 1 million shares at a price range of $7-$8. The company had previously filed to offer 2.5 million shares at a range of $3-$4. At the mid-point of the revised range, China Century Dragon Media will raise -17% fewer proceeds than previously anticipated. China Century Dragon Media, which was founded in 2007 and booked $74 million in sales last year, plans to list on the NYSE under the symbol CDM. WestPark Capital and Joseph Gunnar & Co. are the lead underwriters on the deal, for which timing was not disclosed.
