China’s Golden Sun Education sets additional terms for planned $20M US IPO

China’s Golden Sun Education Group (GSUN) has disclosed additional details about its planned $20M US initial public offering.

The tutorial services group plans to offer 4.4M ordinary shares priced between $4 and $5 per share. If priced at the midpoint of that range, the deal would raise around $20M.

Underwriters would be granted a 45-day option to purchase up to 15% more shares. Network 1 Financial Securities is serving as underwriter for the deal.

For the fiscal year 2021, Golden Sun reported a net income of $2.2M on revenue of $13.5M.

Incorporated in the Cayman Islands, Golden Sun conducts business in China through operating entities. It is a leading provider of Spanish language tutorial services in China, and also provides tutoring for English, French, German and Japanese. Most of its revenue is derived from its tutoring centers.

For a more in-depth look at Golden Sun, check out SA contributor Donovan Jones’s “Golden Sun Education Seeks $23 Million in US IPO”

Source : https://seekingalpha.com/news/3820928-china-golden-sun-education-sets-additional-terms-for-planned-20m-us-ipo

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