NetClass Technology, which provides professional education software and services in China, filed on Tuesday with the SEC to raise up to $10 million in an initial public offering.
NetClass' new initial filing was submitted concurrently with the withdrawal of its prior F-1, submitted in March 2023 (NTCL.XX). The company had previously planned to raise $17 million by offering 3.8 million shares at a price range of $4 to $5, but the offering was never completed.
The Shanghai, China-based company plans to raise $10 million by offering 1.8 million shares at a price range of $5 to $6. At the midpoint of the proposed range, NetClass Technology would command a market value of $97 million.
Through its PRC subsidiaries, NetClass Technology provides smart education IT solutions to schools, training institutions, corporations, government agencies, and other institutions and corporate customers in China. Its services include SaaS subscription services and application software development, and its products include modules such as teaching management, campus management, and online teaching, among others.
NetClass Technology was founded in 2003 and booked $11 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol NTCL. Revere Securities is the sole bookrunner on the deal.
