NetClass Technology, a Chinese professional education software and services provider, filed with the SEC on Tuesday to raise up to $10 million in an initial public offering.
NetClass' new initial application was filed concurrently with the withdrawal of the previous F-1 (NTCL.XX) filed in March 2023. The company had previously planned to raise $17 million by selling 3.8 million shares at a price range of $4 to $5, but the offering was never completed.
The Shanghai, China-based company plans to raise $10 million by selling 1.8 million shares at a price range of $5 to $6. At the midpoint of the proposed range, NetClass Technology would have a market value of $97 million.
NetClass Technology, through its subsidiaries in China, provides smart education IT solutions to schools, training institutions, enterprises, government agencies, other institutions and corporate customers in China. The company's services include his SaaS subscription services and application software development, and its products include modules such as education management, campus management, and online education.
NetClass Technology was founded in 2003 and posted revenue of $11 million for the twelve months ended September 30, 2023. The company plans to list on Nasdaq under the symbol NTCL. Libya Securities is the sole bookrunner on the transaction.
