Distressed-debt boutique Duff & Phelps has toned down its expectations for its initial public offering, seeking to raise a maximum of $153m (€112.1m) rather than $200m just as investment banks are facing tough valuations from investors.

Duff & Phelps said it expects to sell 8.3m shares in the range of $16.50 to $18.50 each. That would constitute a maximum of $153m, or $176m with the overallotment option on the shares. In earlier version of its prospectus, the boutique said it would look to raise as much as $200m.