Chinese content aggregator Qutoutiao (趣头条), or “Fun Headlines,” is expected to raise even less in its IPO than its recently adjusted total of $165 million, according to local media.

The company initially hoped to raise $300 million when listing on the Nasdaq. However, late last week it updated its filing to reflect a 45% decline in its expected IPO financing. Now, according to individuals familiar with the matter, that figure has dropped to $84 million, marking a 72% decrease compared to the amount proposed in August.

While the company has set its initial offer price per share at between $7 to $9, the figure is expected to sit at the lower end. Its IPO prospectus shows the company plans to offer 16 million American Depository Shares (ADS), while it is being underwritten by  Citigroup, Deutsche Bank Securities, China Merchants Securities [HK], UBS Investment Bank, and KeyBanc Capital Markets.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.