Puxin, which provides K-12 after-school tutoring services in China, announced terms for its US IPO on Friday.
The Beijing, China-based company plans to raise $133 million by offering 7.2 million ADSs at a price range of $17 to $20. At the midpoint of the proposed range, Puxin would command a fully diluted market value of $1.7 billion.
Puxin was founded in 2014 and booked $247 million in sales for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol NEW. Citi, Deutsche Bank, Barclays, Haitong and CICC are the joint bookrunners on the deal. It is expected to price later this month.
