China Distance Education lowers IPO price range

China Distance Education Holdings Ltd, an online education provider, has lowered the price range of its initial public offering of American Depository Shares (ADS) to $7-8 each from an initial $9-11 each, according to a document sent to investors on Tuesday.

The proceeds to be raised will amount to up to $70 million, according to the document.

China Distance Education had earlier registered its initial public offering of 8.75 million American Depositary Shares at an estimated price of $9 to $11 per ADS. Citi and Merrill Lynch are the bookrunners.

The company, which has applied for a NYSE Arca listing under the symbol "DL.", had said the 8.75 mln ADSs represent 35 million ordinary shares.

Source: Reuters