Chinese real estate agent reduces IPO size but trades up

The company, which owns the franchise for the Century 21 brand in China, raises $87.4 million after pricing its US IPO at the bottom of the reduced price range.

Chinese real estate agent reduces IPO size but trades up

IFM Investments, which holds the China franchise for the Century 21 brand, was forced to reduce its offering price range by 20% at the low end last week to get its US initial public offering out the door. The existing shareholders who had planned to sell approximately 4.16 million American depositary shares ADS also withdrew their shares from the offering, cutting the size of the deal from 16.65 million ADS to 12.49 million.

The deal was in the market at...

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