First High-School Education Group, which operates private high schools and provides tutoring services in China, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
The company states that is the largest operator of private high schools in Western China and the third largest operator in all of China by student enrollment as of December 31, 2019. It has grown high school student enrollment at a 77% CAGR and number of high schools at a 41% CAGR from December 31, 2015 through December 31, 2019. Originally established to provide after-school tutoring services, First High-School has since developed a network of 19 schools, offering 14 high school programs, seven middle school programs, and four tutorial school programs as of September 30, 2020. It has also collaborated with local governments and other third parties in China and expects to launch two new schools offering high school programs in September 2021.
The Kunming, China-based company was founded in 2012 and booked $62 million in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol FHS. First High-School Education Group filed confidentially on January 22, 2020. The Benchmark Company, Tiger Brokers, Valuable Capital, Fosun Hani Securities, TF International, AMTD Global Markets, Maxim Group LLC, and Boustead Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
