QuantaSing Group, a Chinese startup which provides online financial literacy and personal interest courses for adults, has recently raised about $41 million in its initial public offering (IPO) in the US, after pricing the deal at the middle of the range. The company announced that it offered 3.3 million American depositary shares (ADSs) at $12.50 apiece, the mid- range of its $11.50 to $13.50 target when it filed its prospectus in December.
According to an F-1 registration statement, it has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 487,500 additional ADSs at the initial public offering price, less the underwriting discounts and commissions. Citigroup Global Markets Inc. and China International Capital Corporation Hong Kong Securities Limited are acting as representatives of the underwriters of the Offering, and US Tiger Securities, Inc., CLSA Limited, and Univest Securities LLC are acting as underwriters for the Offering.
Founded in 2016 by Peng Li, QuantaSing is a leading education technology platform dedicated to improving people’s quality of life and well-being by providing lifelong personal learning and development opportunities. The company is the largest online learning service provider in China’s adult personal interest learning market and among the top five service providers in China’s total adult learning market.
By leveraging its proprietary tools and technology, the platform offers easy-to-understand, affordable, and accessible online courses to adult learners under a variety of brands, including QiNiu, for financial literacy, and JiangZhen and QianChi for other personal interests. In addition to delivering online courses to individual learners, the company also provides enterprise services to corporate clients, such as marketing services and enterprise talent management services.
In June 2022, the company launched its enterprise talent management services to provide enterprise customers with online talent assessment, training, and learning services for internal employee management. Its platform contains live streaming, pre-recordings, and intelligent study toolkits, among other features.