Zhangmen Education, a Chinese online after-school tutoring platform, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Zhangmen Education offers one-on-one and small-class after-school tutoring services covering all core K-12 academic subjects. The company states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017 and claimed 32% market share in 2020. The company launched its Small Class program in the 3Q20, but generates most of its revenue from its flagship One-on-One program.
The Shanghai, China-based company was founded in 2014 and booked $660 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol ZME. Morgan Stanley, Credit Suisse, Citi, CICC, Macquarie Capital, Futu Securities, Tiger Brokers, and Snowball Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
