Chinese education company GSX Techedu Inc. raised $208 million in its U.S. initial public offering, pricing its shares at the mid-point of its targeted range, according to people familiar with the matter.
The Beijing-based company sold 19.8 million American depository shares at $10.5 each, the people said, who asked not to be identified because the information wasn’t public. GSX marketed the shares at $9.50 to $11.50 each, according to an earlier filing.
GSX is the third-largest online after-school tutoring service provider in China, offering classes for kindergartners through 12th-graders, according to its filings with the U.S. Securities and Exchange Commission. For the first quarter, the company’s net income was 17.7 million yuan ($2.6 million), turning around from a loss of 13.3 million yuan for the same period in 2018.
An external representative for GSX declined to comment.
The offering was led by Credit Suisse Group AG, Deutsche Bank AG, Barclays Plc and CLSA Ltd. The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol GSX.