A Chinese giant is aiming to raise around $208 million through its IPO in the US exchange. The company is involved in an online tutoring business and has emerged strongly. GSX Techedu is aiming to launch the IPO this Friday. This is a Beijing based company and it has been operating for many years now. Since its inception in 2014 GSX Techedu has further reached a new height and it is rubbing shoulders with some of the big names.
Stock Market News – Chinese giant seeks US exchanges
GSX Techedu that is in operation for more than five years is launching its IPO on 31st May 2019. It is a K-12 tutoring company that teaches courses online. The symbol of its stock will be “GSX.” It is further going to appear on NYSE. Investors further aim to get good returns from the stock of this educational company. This public offering is further setting up high expectations among investors.
Setting up a mid-range
The IPO that can further generate more than $208 million will be having a mid-range of $9.50 and $11.50. When it further reaches the midpoint the stock can experience a diluted market. The market value can be around $2.6 billion. This Chinese firm is now present with some of the top firms around the Globe. Further getting listing on NYSE will boost investor confidence in the shares of the firm.
Presence of some joint bookrunners
Credit Suisse is further a joint bookrunner in this deal. Some of the other companies that are also the joint bookrunners in this deal are Barclays, CITIC CLSA and Deutsche Bank. In the first week of June, the price of this IPO will be witnessing a perfect balance. IPO launches always bring in a positive mood in the market.