GSX Techedu, which provides K-12 online after-school tutoring in China, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $208 million by offering 19.8 million ADSs at a price range of $9.50 to $11.50. At the midpoint of the proposed range, GSX Techedu would command a fully diluted market value of $2.6 billion.
GSX Techedu was founded in 2014 and booked $90 million in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol GSX. Credit Suisse, Deutsche Bank, Barclays and CITIC CLSA are the joint bookrunners on the deal. It is expected to price during the week of June 3, 2019.
