17 Education & Technology Group, an education technology company in China, has filed Amendment No 1 to Form F-1 Registration Statement November 27, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $288 million by offering 27.4 million shares at the price range of $9.50 to $11.50. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $2.2 billion.
The company delivers data-driven teaching, learning and assessment products to teachers, students and parents across over 70,000 K-12 schools. They covered approximately 56% of the primary schools, 60% of the middle schools and 7% of the high schools using smart in-school classroom solutions.
The Beijing, China-based company was founded in 2012 and booked $151 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq Global Market under the symbol “YQ.” Goldman Sachs, Morgan Stanley and BofA Securities are underwriters of the IPO.
The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and Deloitte Touche Tohmatsu Certified Public Accountants LLP as Independent Auditor.
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