Zhangmen Education Inc, a Chinese online education company, raised $42 million by offering 3.6 million ADSs at $11.50, low-end at the proposed range of $11 to $13.
The company provides personalized online courses to K-12 students, according to the Frost & Sullivan Report. Their core course offerings encompass one-on-one and small-class after-school tutoring services covering all core K-12 academic subjects.
The Shanghai, China-based company was founded in 2014 and booked $660 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol “ZME.” Morgan Stanley, Credit Suisse, Citi, CICC, Macquarie Capital, Futu Securities, Tiger Brokers, and Snowball 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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