Lixiang Education Holding Co. Ltd, a private education service provider in China, has filed Amendment No 2 to Form F-1 Registration Statement on September 23, 2020 with U.S Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $33 million by offering 3.3 million shares at the price range of $9 to $11. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $133 million.
The company ranked second among the top private primary and secondary education institutes and second among the top private primary and middle school education institutes in Lishui City both in terms of the students enrolled on a monthly average basis for the 2019/2020 school year.
The Zhejiang, China-based company was founded in 2001 and booked $23 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq Global Market under the symbol “LXEH.” AMTD Global Markets and Loop Capital Markets the underwriter of the IPO.
The company engages Hogan Lovells as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.
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