IDG, JAFCO Make Partial Exits From Terana International

IDG Capital and JAFCO Asia have made partial exits from Beijing-based IT training services provider Tarena International as the company raised US$137.7 million through an IPO on the NASDAQ, according to a regulatory filing of Terana.

Tarena filed last month to raise as much as US$100 million. The company ended up selling 15.3 million American Depository Shares (ADS) at US$9 apiece on April 3, raising a total of US$137 million.

IDG Capital sold 2.15 million shares, reducing its holding from 23.6% to 19% on a diluted basis. JAFCO Asia sold 1.65 million shares, lowering its stake from 15% to 11.2%.

Goldman Sachs, Tarena’s other institutional backer, didn’t sell shares during the IPO. It owns 30.7%, and is the largest individual institutional shareholder of the company.

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.

China Expert network