17 Education & Technology Group, which provides K-12 online tutoring services in China, raised $ 288 million by offering 27.4 million ADS at $ 10.50, in a range of 9 , $ 50 to $ 11.50. New investor China Pinnacle Equity Management had said it would buy up to $ 80 million from the IPO (28% of the deal).
17 Education & Technology’s smart classroom solution delivers data-driven teaching, learning and assessment products to teachers, students and parents in over 70,000 K-12 schools . The company covered around 56% of primary schools, 60% of middle schools, and 7% of secondary schools using smart classroom solutions in China in 1H20.
17 Education & Technology Group is considering listing on Nasdaq under the symbol YQ. Goldman Sachs (Asia), Morgan Stanley and BofA Securities acted as lead managers of the transaction.
The article Chinese education company 17 Education & Technology values US IPO at $ 10.50 mid-term originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.
Disclosure of investments: The information and opinions expressed in this document have been prepared by Renaissance Capital research analysts and do not constitute an offer to buy or sell any securities. Renaissance capital Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of the companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.