Anbo Education intends to raise 117 million US dollars in IPO financing

Abo Education Group, a Chinese education service provider, plans to land on the New York Stock Exchange this week. The total IPO financing is about 117.4 million US dollars, which will become another Chinese education company after the New Oriental, Noah Ark, and Zhengbao Education.

The prospectus shows that Anbo Education intends to list on the New York Stock Exchange, with the stock code "AMBO", JP Morgan Chase and Goldman Sachs (Asia) as the lead underwriters for this IPO.

Anbo Education will issue 7.5 million ADS shares this time, priced at US $ 10 to US $ 12 per share. Each ADS stock is equivalent to 2 A-level ordinary shares. At that time, the company's shareholders will also sell 3.2 million shares at the same price. Calculated at a median price of US $ 11, excluding various expenses, Ambow Education will receive US $ 71.6 million in funding through the IPO to increase teaching and training programs, develop teaching content, and expand business by adding school districts and acquiring other companies.

It is reported that Anbo Education has conducted four rounds of financing, and completed the first round of financing in 2000, receiving millions of dollars from Silicon Valley

Investment; completed the second round of financing in April 2006 and received more than 10 million US dollars of investment from Jifu Asia, Cisco and Warwick; completed the third round of financing in 2007 and received 54.21 million from Macquarie, Cisco, Warwick and Ivey Fund US dollar investment; completed the fourth round of financing in 2008, and received 103 million U.S. dollars of investment from United, Ivy Fund and Macquarie. Among them, the third round of financing was the largest overseas financing in the Chinese education market at the time, and the fourth round of financing was the largest single private equity financing in the Chinese education field at that time.

Following the listing of New Oriental in 2006, China's education industry has no shortage of major deals, including: Carlyle Group invested US $ 50 million in Beijing Haoyue Education Group in November 2008, and Pearson Group acquired Wall Street English (China) in April 2009 for US $ 145 million In September 2009, Tiger Global Fund and KTB Fund invested US $ 40 million in Beijing Xueersi Education.

Anbo Education Group was founded in Silicon Valley, USA. In 2000, founder Huang Jin returned to China to develop with advanced foreign information technology and education concepts. At present, the company's business involves basic education services, vocational education services, corporate training and other fields, and its education and training institutions have covered more than 20 key cities across the country. Partners include Cisco Systems, Skillsoftplc and McGraw-Hill.

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