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Dalian Wanda is to go ahead with the share flotation of Wanda Cinema Line, China’s biggest private sector movie theatre chain, but it has scaled back the size of the offering.

The IPO on the Shenzhen Stock Exchange will be conducted at RMB21.35 per share with the company selling 60 million shares or close to 11% of the company. That will raise RMB1.28 billion or $209 million.

The company had previously looked to sell more shares and raise up to RMB2 billion ($327 million), but was advised by the China Securities Regulatory Commission, which is trying to carefully manage the IPO market.

At the indicated price, the company would have a market capitalization of RMB12 billion ($1.95 billion).