Wanda Sports cuts IPO size, lowers range
Wanda Sports Group, a unit of Chinese conglomerate Dalian Wanda Group, has cut the size of its US initial public offering (IPO) to up to US$308 million (S$421 million) from a previous size of up to US$500 million.
The company set its IPO price range at US$9 to US$11 per American depositary share (ADS), compared with a previously stated range of US$12 to US$15.
The cut indicates tepid US investor demand for Chinese stocks after China's largest live-streaming platform DouYu International Holdings priced its US$775 million Nasdaq IPO at the bottom of its price range last week.
Wanda Sports, the owner of Swiss sports marketing firm Infront Sports & Media AG as well as World Triathlon Corp - the organiser and promoter of the Ironman race - also cut the number of ADSs on sale to 28 million from 33.33 million.
It said it plans to use the IPO proceeds to repay debt, fund strategic investments and for general purposes.
The IPO follows a string of asset sales by parent Dalian Wanda, which had built an empire with businesses as varied as real estate, sports and films.
In 2015, the conglomerate bought Infront Sports & Media and World Triathlon for US$1.2 billion and US$650 million respectively.
It is due to start trading today. - REUTERS