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China Shengda Packaging Group decreases proposed IPO deal size

December 6, 2010

China Shengda Packaging Group, one of the largest paper packaging manufacturers in China, lowered the proposed deal size for its upcoming IPO on Monday. The Zhejiang Province-based company now plans to raise $51 million by offering 10.1 million shares at a price range of $4.50-$5.50 after previously filing a range of $5.50-$6.50. At the mid-point of the revised range, China Shengda Packaging will raise -17% fewer proceeds than previously anticipated. China Shengda Packaging, which was founded in 2004 and booked $117 million in sales for the 12 months ended September 30, plans to list on the NASDAQ under the symbol CPGI. Oppenheimer & Co. and William Blair are the lead underwriters on the deal, which is expected to price this week.