QuantaSing Group (QSG) has set terms for a proposed $41M preliminary public providing, becoming a member of a rising record of Chinese edtechs searching for US listings.

The Beijing-based firm mentioned that it intends to supply 3.25M American Depositary Shares, representing 9.75M bizarre shares, priced between $11.50 and $13.50, which might elevate $41M if priced on the midpoint. Underwriters of the deal would obtain a 30-day possibility to purchase as much as 488K extra shares to cowl any over-allotments.

The deal’s underwriters embody Citibank, Tiger Brokers, CIC, CLSA and Univest Securities. The firm first filed to go public in December, seeking to elevate round $60M.

QuantaSing is a number one supplier of on-line grownup studying providers in China. The firm reported 75.1M registered customers as of Nov. 30 and 1.1M paid customers as of the tip of its fiscal 12 months on June 30.

Incorporated within the Cayman Islands, QuantaSing conducts enterprise in China by a variable curiosity entity, or VIE. For the 12 months ended June 30, the corporate posted a web lack of $33M on income of $403M.

QuantaSing is the newest Chinese edtech to show to the US markets. Other publicly traded Chinese edtechs embody Jianzhi (JZ), Genius Group (GNS), New Oriental Education (EDU) and Golden Sun (GSUN), with Ruanyun Edai Technology (RYET) submitting in December to lift as much as $35M.