RISE Education, a Chinese provider of after-school English lessons backed by Bain Capital, announced terms for its IPO on Friday. The company also added UBS and HSBC as underwriters to the deal.
The Beijing, China-based company plans to raise $143 million by offering 11 million ADSs (55% insider) at a price range of $12 to $14. At the midpoint of the proposed range, RISE Education would command a market value of $715 million.
RISE Education was founded in 2007 and booked $123 million in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol REDU. Morgan Stanley, Credit Suisse and UBS are the joint bookrunners on the deal. It is expected to price during the week of October 16, 2017.
