QuantaSing Group (NASDAQ:QSG) shares were trading relatively flat following the Chinese edtech’s $41M initial public offering on Wednesday.
Shares of QuantaSing opened at $13.70 after being priced at $12.50, reaching an early high of $13.79 before slipping to a low of $12.38 in late morning. The stock recently changed hands at $12.50 at around 11:40 a.m. ET.
Beijing-based QuantaSing offered 3.25M American Depositary Shares priced at $12.50 apiece. Underwriters were given a 30-day option to purchase up to 488K additional shares to cover any over-allotments.
Underwriters included US Tiger Securities, CLSA and Univest Securities. Citigroup Global Markets and China International Capital Corp. served as representatives for the underwriters.
Earlier this month, QuantaSing said it was looking to offer 3.25M ADSs priced between $11.50 and $13.50 apiece.
QuantaSing is the latest Chinese edtech to list on a US exchange. Other publics include Jianzhi (JZ), Genius Group (GNS), New Oriental Education (EDU) and Golden Sun (GSUN), with Ruanyun Edai Technology (RYET) filing in December to raise up to $35M.
For more on QuantaSing, check out Bamboo Works’ “Big Banks Test the Waters for New China Listings with QuantaSing IPO.”