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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
China East Education raises US$625m in HK IPO
    2019-06-06  08:53    Shenzhen Daily

VOCATIONAL training firm China East Education Holdings Ltd. has priced its Hong Kong initial public offering (IPO) within the upper half of its targeted range, raising US$625 million in the world’s largest education float, two sources said.

The company raised US$625 million by selling 435.8 million primary shares at HK$11.25 (US$1.43) each — within the upper half of an indicative range of HK$9.8 to HK$12.26, two people with direct knowledge of the matter said.

The pricing values the company at US$3.13 billion and represents a multiple of about 22.3 times its estimated 2019 earnings, one of the people said.

China East Education is due to begin trading in Hong Kong on June 12.

The IPO surpasses the US$490 million float of U.S.-based Laureate Education on Nasdaq in 2017, the largest education-related IPO to date, according to data from Refinitiv.

It also marks a pick-up in listings in Hong Kong, which is lagging far behind its rival U.S. exchanges in terms of capital-raising with just US$5.9 billion to its credit as of May, compared with the combined US$26.9 billion raised by Nasdaq and the New York Stock Exchange.

If a standard 15 percent “greenshoe” or over-allotment option of the base offering is exercised, that would bring the deal size of China East Education to US$719 million.

Hong Kong-based Anatole Investment Management is the sole cornerstone investor, committing US$35 million.

(SD-Agencies)

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