Sunlands Online Education Group, a Chinese provider of online courses for professional qualifications, announced terms for its IPO on Wednesday.
The Beijing, China-based company plans to raise $163 million by offering 13 million ADSs at a price range of $11.50 to $13.50. Existing shareholders plan to invest $40 million in a concurrent private placement. At the midpoint of the proposed range, Sunlands Online Education Group would command a fully diluted market value of $2.2 billion.
Sunlands Online Education Group was founded in 2003 and booked $154 million in sales for the 12 months ended December 31, 2017. It plans to list on the NYSE under the symbol STG. Goldman Sachs (Asia), J.P. Morgan and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of March 19, 2018.
