Bright Scholar Education files for US$200m NYSE IPO

HONG KONG, April 19 (IFR) - Bright Scholar Education, with backing from Chinese property tycoon Yeung Kwok-keung, has filed for a US$200m NYSE IPO.

The Chinese K-12 education company, founded in 1994, operated 51 schools as of February 28 2017. In the first half of the 2017 school year, it had an average of 29,230 students enrolled at its schools.

For the 2016 fiscal year, Bright Scholar posted a net income of Rmb2.9m (US$0.4m), a turnaround from a net loss of Rmb39.9m for FY2015. Its net income was Rmb88m for the six months to February 28 2017.

Yeung Kwok-keung’s sister, Meirong Yang, and his daughter, Huiyan Yang, together own a 92.59% interest in Bright Scholar. The daughter is chairperson of the company. CEO Junli He owns the remaining 7.41% stake.

Bright Scholar plans to use the proceeds to launch new schools, as well as for marketing and brand promotion, curriculum design and other research and development efforts.

Morgan Stanley and Deutsche Bank are joint bookrunners on the IPO. China Merchants Securities (HK) is also on the float. (Reporting by Fiona Lau; editing by Dharsan Singh)