Skillful Craftsman Education Technology, which provides online education and technology services in China, increased the proposed share offering and decreased the range for its upcoming IPO on Wednesday.
The Jiangsu, China-based company now plans to raise $15 million by offering 3 million shares at a price range of $4.50 to $5.50, the terms of its original offering. The company changed the terms last month to 2.4 million shares at a range of $5.50 to $7.00. At the midpoint of the revised range, Skillful Craftsman Education Technology will raise the same amount at a smaller market cap of $62 million (-33% vs. previous terms; -19% vs. original terms).
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
