Golden Sun Education Group, which operates private schools and provides education services in the Yangtze River Delta, lowered the proposed deal size for its upcoming IPO on Monday.
The Shanghai, China-based company now plans to raise $18 million by offering 4 million shares at a price range of $4 to $5. The company had previously filed to offer 5 million shares at the same range. At the revised deal size, Golden Sun Education Group will raise -20% less in proceeds than previously anticipated.
Golden Sun states that it is a premium private education service provider and a leading provider of Spanish tutorial services. The company operates one premium primary private school, one premium secondary private school, three tutorial centers for children and adults, one educational company that offers language classes through partner high schools, and one logistics company that provides services to its schools and tutorial centers.
Golden Sun Education Group was founded in 1997 and booked $18 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol GSUN. Network 1 Financial Securities is the sole bookrunner on the deal.
