ACA Reduces IPO Shares

ACA Capital Holdings Inc., a New York-based specialty finance company focused on asset management services and credit protection products, has reduced the number of shares being offered in its IPO from 12.2 million to around 10.78 million. It still plans to price the shares at between $15 and $17 per share. Credit Suisse, JPMorgan and Bear Stearns are serving as co-lead underwriters. Shareholders include Bear Stearns Merchant Banking, Stephens Group and Aegon USA.