17 Education & Technology Group, which provides online K-12 tutoring services in China, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $288 million by offering 27.4 million ADSs at a price range of $9.50 to $11.50. New investor China Pinnacle Equity Management plans to purchase $80 million worth of ADSs in the offering. At the midpoint of the proposed range, 17 Education & Technology Group would command a fully diluted market value of $2.2 billion.
17 Education & Technology's smart in-school classroom solution delivers data-driven teaching, learning, and assessment products to teachers, students, and parents across 70,000+ K-12 schools. The company covered approximately 56% of the primary schools, 60% of the middle schools, and 7% of the high schools using smart in-school classroom solutions in China in the 1H20.
17 Education & Technology Group was founded in 2012 and booked $152 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol YQ. Goldman Sachs (Asia), Morgan Stanley and BofA Securities are the joint bookrunners on the deal.
