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.
