TAL Education Group, China's largest K-12 after-school tutoring service provider with 196 learning and service centers, announced terms for its IPO on Wednesday. The Beijing-based company plans to raise $108 million by offering 12 million ADSs at a price range of $8-$10. At the mid-point of the proposed range, TAL Education Group will command a market value of $671 million. TAL Education Group, which was founded in 2005 and booked $90 million in sales for the 12 months ended August 31, plans to list on the NYSE under the symbol XRS. Credit Suisse and Morgan Stanley are the lead underwriters on the deal, which is expected to price during the week of October 18.
