Global Education & Technology Group Limited, a China-based provider of education services including foreign language training and test prep, announced terms for its IPO on Monday. The Beijing-based company plans to raise $61 million by offering 6.4 million ADSs at a price range of $8.50-$10.50. At the mid-point of the proposed range, Global Education & Technology Group will command a market value of $241 million. Global Education, which was founded in 2001 and booked $36 million in sales last year, plans to list on the NASDAQ under the symbol GEDU. Credit Suisse and BofA Merrill Lynch are the lead underwriters on the deal, which is expected to price during the week of October 4.
