SYSWIN, a leading provider of real estate agency services to property developers in Beijing, raised $67 million by selling 9.6 million ADSs at $7, well below its originally anticipated terms of 12 million ADSs at a price of $9.25 to $11.25. Earlier on Tuesday, the company had cut its range to $7-$8 and reduced the number of shares to be offered by 20%. SYSWIN will list on the NYSE on Wednesday under the symbol SYSW. Morgan Stanley acted as lead manager on the deal.
SYSWIN represented one of three companies this week to significantly cut the pricing terms of their respective IPOs. The other two IPOs succumbing to pricing pressure were Zogenix (ZGNX), which began trading on Tuesday, and Anacor Pharmaceuticals (ANAC), which is expected to begin trading on Wednesday.
