NEW YORK, May 22 (Xinhua) -- Meten International Education Group, a English language training (ELT) service provider in China, filed its initial public offering (IPO) with the U.S. Securities and Exchange Commission on Wednesday, according to the company's latest prospectus.
The ELT institute plans to raise up to 100 million U.S. dollars through the IPO, and is set to go public on the New York Stock Exchange under the symbol MEDU. So far, it has not disclosed any pricing terms.
Founded in 2006, the firm has become the second largest player in China's offline general ELT market, which comprised approximately 74.1 percent of the general ELT market in terms of revenue in 2018, according to Frost & Sullivan, a U.S. research and consulting firm.
The company's revenue in 2018 surged to 212.2 million dollars, up nearly 24 percent from that of 2017. For the three months ended March 31, it registered 46.9 million dollars in revenue.
The education service now owns domestic head offices in Beijing and Shenzhen, as well as international offices in New York and Los Angeles.
As of March 31, it has built a nationwide offline learning center network of 120 self-operated learning centers, covering 26 cities in 14 provinces, autonomous regions and municipalities, and 16 franchised learning centers, covering 11 provinces and municipalities in China.
Meten International defined itself as an "emerging growth company" under applicable U.S. federal securities laws, and are eligible for reduced public company reporting requirements.
Citi, CICC and Macquarie Capital are the joint bookrunners on the deal.
A single purchase
