CTC Media, the Russian television network operator, has been forced to cut the price range and the number of shares it will sell in its initial public offering in order to complete the deal. It is the latest in a string of flotations to come under pressure from falling markets.

CTC Media lowered its price range from $16 to $18 per share to $13.50 to $15.50 this afternoon, ahead of its debut on Nasdaq tomorrow. CTC Media, also known as STS Media, will be the first Russian company to list in the US in nearly two years.