SYSWIN, a leading provider of real estate agency services to property developers in Beijing, lowered the proposed deal size for its upcoming IPO on Tuesday. The Beijing-based company now plans to raise $72 million by offering 9.6 million ADSs at a range of $7-$8. The company had previously filed to offer 12 million ADSs at a range of $9.25-$11.25 with the additional shares to be sold by the CEO. At the mid-point of the revised range, SYSWIN will raise -41% fewer proceeds than previously anticipated. SYSWIN, which was founded in 2004 and booked $65 million in sales last year, plans to list on the NYSE under the symbol SYSW. Morgan Stanley are the lead underwriters on the deal, which is expected to price tonight after the market close. Biotech Anacor Pharmaceuticals (ANAC), the only other IPO scheduled to price tonight, also lowered its proposed deal size earlier today by 25%.
