China Zenix Auto International, China's largest manufacturer of commercial vehicle wheels, lowered the proposed deal size for its upcoming IPO on Wednesday. The Zhangzhou-based company now plans to raise $90 million by offering 12.9 million ADSs at a price range of $6 to $8. The company had previously filed to offer 12.9 million at a range of $9.50 to $11.50. At the mid-point of the revised range, China Zenix Auto International will raise 33% fewer proceeds than previously anticipated. China Zenix Auto International, which was founded in 2003 and booked $485 million in sales for the 12 months ended December 31, 2010, plans to list on the NYSE under the symbol ZX. Morgan Stanley is the lead underwriter on the deal. The deal is expected to price during the week of May 9.
