Chinese online tutoring provider GSX Techedu files for U.S. IPO

2019-05-09 02:56:13 GMT2019-05-09 10:56:13(Beijing Time) Xinhua English

NEW YORK, May 8 (Xinhua) -- GSX Techedu, which provides K-12 online after-school tutoring in China, filed with the U.S. Securities and Exchange Commission for an initial public offering (IPO) on Wednesday.

The company plans to raise up to 220 million U.S. dollars through the IPO by listing on the New York Stock Exchange under the symbol GSX. Relevant pricing terms remain undisclosed.

Credit Suisse, Deutsche Bank, Barclays and CITIC CLSA are the joint bookrunners on the deal.

Founded in 2014, the Beijing-based technology-driven education company is the third largest online K-12 large-class after-school tutoring service provider in China in terms of gross billings in 2018, according to its latest prospectus.

Its K-12 courses cover all primary and secondary grades, and contributed over 73 percent and 75 percent of the firm's total revenues in 2018 and for the three months ended March 31, respectively.

Its net revenue increased more than threefold to 59.2 million dollars in 2018 year over year.