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Chinese online education platform Skillful Craftsman seeks U.S. IPO

April 26, 2020


Abstract : Skillful Craftsman Education Technology, which provides online education and technology services in China, has filed for an initial public offering on the U.S. stock market.

NEW YORK, April 25 (Xinhua) -- Skillful Craftsman Education Technology, which provides online education and technology services in China, has filed for an initial public offering on the U.S. stock market.

The company plans to list on the Nasdaq under the ticker symbol "NGJY," by offering 3 million shares at a price range of 4.50 to 5.50 U.S. dollars per share, according to its prospectus filed Friday with the U.S. Securities and Exchange Commission.

The Benchmark Company and Axiom Capital Management are the joint bookrunners on the deal.

The company based in east China's Jiangsu Province provides a wide range of education services, including vocational education, continuing education, basic education and higher education, with a focus on vocational education since its inception in 2013.

"With the growth of Internet use and improvements in online payment systems in China, we believe online education represents an attractive market opportunity," the company said in its prospectus.

China's online education market is expected to grow to 543.4 billion yuan (about 76.7 billion U.S. dollars) by 2022 from 251.8 billion yuan in 2018, according to a report by iResearch Consulting Group.

As of Friday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,169.51, marking a 5.92-percent increase for the month-to-date returns and a 0.07-percent gain for the year-to-date returns. Enditem

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Keyword: education Skillful Craftsman

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