China's Global Edn plans $100m Nasdaq IPO
Thursday, 13 May 2010
BEIJING, May 12 (Reuters): Chinese education company Global Education & Technology Group is planning an about $100 million initial public share offering on the Nasdaq by the end of the year, a source with direct knowledge of the deal said.
"The amount they hope to raise is about $100 million, almost similar to that of New Oriental Education and Technology Group Inc," the source said Wednesday.
The firm has hired Bank of America-Merrill Lynch and Credit Suisse to underwrite the deal.
Founded in 1997, Global Education is a foreign language training institute with locations in 65 cities across China.
Global Education's planned offering comes at a time when some of China's largest private education institutions have also sought overseas listings amid growing demand for education services in China.
"The amount they hope to raise is about $100 million, almost similar to that of New Oriental Education and Technology Group Inc," the source said Wednesday.
The firm has hired Bank of America-Merrill Lynch and Credit Suisse to underwrite the deal.
Founded in 1997, Global Education is a foreign language training institute with locations in 65 cities across China.
Global Education's planned offering comes at a time when some of China's largest private education institutions have also sought overseas listings amid growing demand for education services in China.