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ChinaEdu IPO raises $68.2 million
December 11, 2007 / 10:09 AM / 10 years ago

ChinaEdu IPO raises $68.2 million

NEW YORK, Dec 11 (Reuters) - ChinaEdu Corp CEDU.O, a Chinese educational service provider said on Tuesday said it raised $68.2 million through an initial public offering.

The 6.8 million American Depositary Share offering priced at $10 per share.

The company sold about 5.5 million shares in the offering, while the remaining 1.3 million were being sold by shareholders.

ChinaEdu expects to receive net proceeds of $47.3 million from the offering as it will not receive any proceeds from the sale of shares by the selling shareholders.

The company plans to trade its shares on Nasdaq under the symbol “CEDU” and use the proceeds of the offering to develop its learning centers, construct new campuses and expand its business, it said.

Reporting by Emily Chasan; editing by Elizabeth Fullerton

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