Ruanyun Edai Technology, a Chinese provider of AI-driven learning and testing solutions for K-12 education, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing the company also disclosed updated financials and removed Univest Securities as an underwriter. Prior to todays filing the company had not updated its prospectus since April 2023, and as such, the SEC declared the IPO abandoned in February 2024.
The Nanchang, China-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 5 million shares at a range of $5 to $6. At the midpoint of the revised range, Ruanyun Edai Technology will raise -39% less in proceeds than previously anticipated and command a market value of $152 million.
Focusing on K-12 education in China, Ruanyun Edai Technology has created an A.I. platform designed to enhance both learning and testing environments. Through its SmartHomework solution, teachers can use collected data to adjust instructions for students based on their specific needs. In addition, the company's SmartExam solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format. Its products also include self-learning solutions and smart-devices, such as smart printers and smart headsets for everyday study and test preparation.
Ruanyun Edai Technology was founded in 2012 and booked $9 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol RYET. AC Sunshine Securities is the sole bookrunner on the deal.
