Lixiang Education Holding, which provides private primary and secondary education services in China, announced terms for its IPO on Wednesday.
The Zhejiang, China-based company plans to raise $33 million by offering 3.3 million ADSs at a price range of $9 to $11. At the midpoint of the proposed range, Lixiang Education Holding would command a fully diluted market value of $133 million.
Lixiang's private education services primarily include primary and middle school education, and it was one of the top ten private primary and secondary education institutes in Zhejiang Province by students enrolled on a monthly average basis for the 2019/2020 school year. As of September 1, 2019, Lixiang had 4,558 enrolled students and 322 teachers.
Lixiang Education Holding was founded in 2001 and booked $23 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol LXEH. AMTD Global Markets and Loop Capital Markets are the joint bookrunners on the deal.
