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Loyalty Alliance cuts price range for upcoming IPO

By Renaissance Capital,  May 11, 2012, 02:44:15 PM EDT

Loyalty Alliance Enterprise, a provider of mobile direct marketing and customer loyalty solutions in China, lowered the proposed deal size for its upcoming IPO on Friday. The Hong Kong-based company now plans to raise $36 million by offering 5.1 million ADSs at a price range of $6 to $8. The company previously filed to offer 5.1 million ADSs at a range of $12 to $14. At the midpoint of the revised range, Loyalty Alliance Enterprise would raise -46% fewer proceeds than previously anticipated.

Loyalty Alliance, which had been scheduled to price on Thursday, is one of eight companies that have postponed, withdrawn or delayed offerings this week. The marketing solutions provider booked $31 million in sales in 2011 and plans to list on the NASDAQ under the symbol LAEC. Macquarie Capital and Needham are the joint bookrunners on the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, IPOs

Referenced Stocks: LAEC



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