China Century Dragon Media, a TV advertising company in China that resells ad time on China Central Television, lowered the proposed deal size for its upcoming IPO on Friday. The Huizhou City, China-based company now plans to raise $7 million by offering 1.4 million shares at an estimated offer price of $5.25. The company had originally filed in May 2010 to offer 2.5 million shares at a range of $3 to $4 ($9 million deal size) before modifying terms the following October to offer 1 million shares at a range of $7 to $8 ($7.5 million). It then filed an amendment in January, outlining plans to offer 1.4 million shares at $6 to $7 ($9 million), making today's amendment the company's third time changing terms for its upcoming IPO. China Century Dragon Media, which was founded in 2007 and booked $106 million in sales for the 12 months ended September 30, 2010, plans to list on the NYSE under the symbol CDM. WestPark Capital and i-Bankers Securities are the lead underwriters on the deal.
