Lentuo International, an automobile retailer in Beijing with six dealerships, lowered the proposed deal size for its upcoming IPO on Friday. The company now plans to raise $59 million by offering 6.5 million ADSs at a price range of $8-$10. The company had previously filed to offer 7.5 million ADSs at a range of $11.50-$13.50. At the mid-point of the revised range, Lentuo International will raise -38% fewer proceeds than previously anticipated. Lentuo International, which was founded in 1994 and booked $345 mil in sales last year, plans to list on the NYSE under the symbol LAS. Cowen & Company and HSBC Corporation are the lead underwriters on the deal, which is expected to price and begin trading later today.
