Beijing-based IT training services provider Tarena International has filed with the U.S. Securities and Exchange Commission for its initial public offering (IPO) on NASDAQ to raise as much as US$100 million, according to a regulatory filing of the company.
The size and pricing of the offering have yet to be determined.
The company says it will use the proceeds to provide liquidity to shareholders, retain employees by providing equity incentives, as well as business development.
Before the IPO, Tarena’s management team, including founder and CEO Han Shaoyan and director Jianguang Li, holds a 56.8% stake of the company.
Goldman Sachs, IDG Capital, JAFCO Asia and Connion Capital each holds 29%, 23.6%, 15% and 6.9%.
Founded in 2002, Tarena offers an education platform combining live distance instruction, classroom-based tutoring and online modules. It has more than 100 training centers in 33 cities in China and trained over 130,000 students.
According to IDC, a third-party research firm, Tarena is the largest provider of IT professional education services in China with a market share of 8.3% as measured by revenues in 2013.
Tarena generated net revenues of US$92.8 million and net profit of US$14.04 million in 2013, up 63.38% and 47% year-on-year respectively.
The company plans to trade under ticker symbol TEDU.
Goldman Sachs, Credit Suisse, Oppenheimer and Jefferies are the joint bookrunners for the offering.