Online Educator Koolearn to Raise up to $233 Million in Hong Kong IPO

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By Zhou Wenmin, Wei Yiyang and Mo Yelin / Mar 15, 2019 04:34 PM / Business & Tech

Photo: VCG

Education company Koolearn Technology plans to raise up to HK$1.826 billon ($233 million) in its Hong Kong initial public offering (IPO) later this month.

The company will offer around 165 million shares, priced between $HK 9.3 and $HK 11.1, to investors, after its Mar. 28 debut, the company said in a Friday statement.

Koolearn filed an IPO application to the Hong Kong Stock Exchange last month. The company had first applied in July 2018, but later failed to gain the bourse’s approval. The firm was briefly listed in Shenzhen between March 2017 and February 2018.

Backed by internet giant Tencent, Koolearn was founded in 2005 by New Oriental, one of the early players in China’s education market, which is currently listed in New York.

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