Ossen Innovation, which manufactures customized prestressed steel materials in China, lowered the proposed deal size for its upcoming IPO on Thursday. The Shanghai-based company now plans to raise $28 million by offering 5 million ADSs at a price range of $5-$6. The company had previously filed to offer 7 million ADSs at a range of $7-$9 before lowering the price range to $5-$6 in an earlier amendment. At the mid-point of the revised range, Ossen Innovation will raise -51% fewer proceeds than previously anticipated. Ossen Innovation, which was founded in 2002 and booked $119 million in sales for the 12 months ended June 30, plans to list on the NASDAQ under the symbol OSN. Global Hunter Securities and Knight Capital Markets are the lead underwriters on the deal, which is expected to price next week.
