LAIX, which operates Liulishuo, an AI-powered English language learning platform in China, announced terms for its IPO on Friday.
The Shanghai, China-based company plans to raise $72 million by offering 5.75 million ADSs at a price range of $11.50 to $13.50. Insiders and outside investors intend to purchase up to $62 million worth of shares in the offering (combined 86% of the deal). At the midpoint of the proposed range, LAIX would command a fully diluted market value of $661 million and an enterprise value of $545 million.
LAIX was founded in 2013 and booked $52 million in sales for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol LAIX. Morgan Stanley and Goldman Sachs (Asia) are the joint bookrunners on the deal. It is expected to price on Wednesday, September 26. It is expected to price during the week of September 24, 2018.
