IT education firm鈥檚 IPO to raise US$153m
Print Edition
TARENA International Inc, a provider of IT education in China, expects to price its initial public offering of 15.3 million class-A American Depositary Shares at US$8-10 per share.
The Beijing-based company said it expects to raise US$153 million from the IPO on Nasdaq, based on the top end of the price range.
Tarena International is selling 11.5 million shares in the offering, while the rest is offered by stockholders.
The company, which has trained more than 130,000 students, offers a platform for distance education, classroom-based tutoring and online learning modules, mainly in IT subjects.
Tarena International, which counts Goldman Sachs as one of its stockholders, posted a 63 percent jump in revenue to US$92.8 million for the year ended on December 31.
The market for professional education services in China is projected to grow about 7 percent to US$14.7 billion between 2013 and 2017, Tarena International said, citing data from research firm IDC.
For Chinese companies, the US market affords them options such as dual-class structures and the ability to list without having turned a profit.
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