NetClass Technology, which provides professional education software and services in China, revised the terms for its upcoming IPO on Thursday.
The Shanghai, China-based company now plans to raise $9 million by offering 1.8 million shares at a price range of $4 to $6. The company had previously filed to offer the same number of shares at a range of $5 to $6. At the midpoint of the revised range, NetClass Technology will raise 9% less in proceeds than previously anticipated.
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.
