Zuoan Fashion Limited, a Chinese designer and distributor of casual menswear through 1,075 retail outlets, lowered the proposed deal size for its upcoming IPO on Thursday. The Shanghai, China-based company now plans to raise $42 million by offering 6 million ADSs at a price of $7.00. The company had previously filed to offer 6.9 million ADSs at a range of $10.50 to $12.50. At the mid-point of the revised range, Zuoan Fashion Limited will raise -47% fewer proceeds than previously anticipated. Zuoan Fashion, which was founded in 1999 and booked $122 million in sales over the last 12 months, plans to list on the NYSE under the symbol ZA. Cowen & Company is the lead underwriters on the deal, which is expected to price during the week of 2/7/11.
