Lixiang Education Holding Co. Ltd share price slumped 18.92% on its first day of trading on October 1, 2020 and closed at $7.50, giving the company a market cap of approximately $100 million.
A private education service provider in China raised $31 million by offering 3.3 million ADSs at $9.25, within the proposed range of $9 to $11.
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 are underwriters of the IPO.
The company engages Hogan Lovells as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.
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