Bright Scholar Files for IPO

[cnxvideo id=”655413″ placement=”ros”]Bright Scholar Education Holdings has filed an F-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were listed in the filing, but the offering is valued up to $200 million. The company has yet to decide on which exchange and symbol to list its shares.

The underwriters for the offering are Morgan Stanley and Deutsche Bank.

This is the largest operator of international and bilingual K-12 schools in China in terms of student enrollment as of September 1, 2016, according to the Frost & Sullivan report. The company is dedicated to providing quality international education to Chinese students and equipping them with the critical academic foundation and skill sets necessary to succeed in the pursuit of higher education overseas.

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Bright Scholar is also complementing its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China. It has established one of the first private schools in China in 1994 and has since expanded its network to operate 51 schools as of February 28, 2017, covering the breadth of K-12 academic needs of its students across seven provinces in China.

In the first half of the 2017 school year, the company had an average of 29,230 students enrolled at its schools, representing an increase of 54.6% from an average of 18,913 students enrolled during the 2014 school year.

Bright intends to use the net proceeds from the offering to launch new schools, promote its brand and further develop its curriculum. The remainder will be used for working capital and general corporate purposes.

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