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Chinese edtech Ruanyun Edai Technology (RYET) has filed to raise up to $35M through a US initial public offering.
Ruanyun said in a filing that it was considering offering 5M ordinary shares priced between $5 and $6 per share, which would raise around $28M if priced at the midpoint. An attached filing fee schedule indicated the company was looking to raise up to $35M.
Underwriters would be granted a 45-day option to purchase up to 750K additional shares. Univest Securities and AC Sunshine Securities are serving as lead bookrunners.
The company has been operating in the red. For the fiscal year ended March 31, 2022, Ruanyun reported net loss of $740K on revenue of $13M.
Incorporated in the Cayman Islands but based in Jiangxhi, Ruanyun has been focused on delivering AI-based technology to schools in China to assist with instruction and educational assessments. The company conducts business in China through a variable interest entity and subsidiaries.
Ruanyun was the second Asian edtech to file for a US IPO on Dec. 30. Earlier Friday, Singapore-based IMMRSIV filed for a $17M IPO.
Image and article originally from seekingalpha.com. Read the original article here.