17 Education & Technology Group, which provides online K-12 tutoring services in China, raised $288 million by offering 27.4 million ADSs at $10.50, within the range of $9.50 to $11.50. New investor China Pinnacle Equity Management had indicated on purchasing up to $80 million of the IPO (28% of the deal).
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 plans to list on the Nasdaq under the symbol YQ. Goldman Sachs (Asia), Morgan Stanley and BofA Securities acted as lead managers on the deal.
