Chinese education software provider Cloud Classroom (YXT.US) plans to price its IPO at $11-13 per share, aiming to raise $33 million.

Chinese enterprise learning software provider Cloud Classroom (YXT.US) announced the specific terms of its initial public offering (IPO) this Thursday. The company plans to issue 2.8 million American depositary shares (ADR) at a price of $11 to $13 per share, with expected funds raised totaling $33 million. Based on the midpoint of this price range, Cloud Classroom will have a market value of approximately $645 million. Previously, Cloud Classroom submitted an IPO application to the U.S. Securities and Exchange Commission (SEC) seeking to raise up to $50 million. Cloud Classroom operates in the digital enterprise learning industry in China, assisting clients in deploying cloud-based learning platforms on a large scale. Its comprehensive and scalable solutions are suitable for various enterprise learning scenarios and can be widely used by enterprise clients in different industries, scales, and development stages. Through a combination of internal development and external partnerships, as of March 31, 2024, the company has offered over 8,200 courses covering approximately 20 industries and served over 2,400 subscribing clients. The company, headquartered in Suzhou, was founded in 2011 and had a revenue of $53 million in the 12 months leading up to March 31, 2024. The company plans to list on the New York Stock Exchange or Nasdaq with the stock code YXT. Cloud Classroom submitted its IPO application secretly on July 16, 2021. Kingswood Capital Markets and UP Fintech Holding Ltd. Sponsored ADR Class A are the joint book-running managers for the transaction.