Skillful Craftsman Education Technology, which provides online education and technology services in China, increased its proposed range and decreased its proposed share offering for its upcoming IPO on Monday.
The Jiangsu, China-based company still plans to raise $15 million, but now plans to offer 2.4 million shares at a price range of $5.50 to $7.00. The company had previously filed to offer 3 million shares at a range of $4.50 to $5.50. At the midpoint of the revised range, Skillful Craftsman Education Technology will raise the same amount of proceeds at a higher market cap of $92 million (+19% vs. original midpoint).
Skillful Craftsman Education Technology was founded in 2013 and booked $27 million in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol NGJY. The Benchmark Company and Axiom Capital Management are the joint bookrunners on the deal
