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QuantaSing Group (QSG) has set terms for a proposed $41M initial public offering, joining a growing list of Chinese edtechs seeking US listings.
The Beijing-based company said that it intends to offer 3.25M American Depositary Shares, representing 9.75M ordinary shares, priced between $11.50 and $13.50, which would raise $41M if priced at the midpoint. Underwriters of the deal would receive a 30-day option to buy up to 488K additional shares to cover any over-allotments.
The deal’s underwriters include Citibank, Tiger Brokers, CIC, CLSA and Univest Securities. The company first filed to go public in December, looking to raise around $60M.
QuantaSing is a leading provider of online adult learning services in China. The company reported 75.1M registered users as of Nov. 30 and 1.1M paid users as of the end of its fiscal year on June 30.
Incorporated in the Cayman Islands, QuantaSing conducts business in China through a variable interest entity, or VIE. For the year ended June 30, the company posted a net loss of $33M on revenue of $403M.
QuantaSing is the latest Chinese edtech to turn to the US markets. Other publicly traded Chinese edtechs include Jianzhi (JZ), Genius Group (GNS), New Oriental Education (EDU) and Golden Sun (GSUN), with Ruanyun Edai Technology (RYET) filing in December to raise up to $35M.
Image and article originally from seekingalpha.com. Read the original article here.