Global Education & Technology Group Ltd. Announces Pricing of Initial Public Offering on NASDAQ
October 08 2010 - 6:00AM
Global Education & Technology Group Ltd. (Nasdaq:GEDU) ("Global
Education" or the "Company"), the largest test preparation provider
for the International English Language Testing System ("IELTS") and
a leading provider of educational courses and related services in
China, today announced that it has priced its initial public
offering of 6,375,000 American depositary shares ("ADSs"), each
representing four ordinary shares of the company, at US$10.50 per
ADS, with a total offering size of US$66.9 million, assuming no
exercise of the over-allotment option. The ADSs will begin trading
on the Nasdaq Global Select Market on October 8, 2010 under the
symbol "GEDU."
The Company has granted the underwriters a 30-day option to
purchase up to an additional 956,250 ADSs.
Credit Suisse Securities (USA) LLC and BofA Merrill Lynch acted
as joint bookrunners, and Piper Jaffray & Co. and William Blair
& Company, L.L.C. acted as co-managers, for the offering.
Global Education's registration statement relating to the
initial public offering has been declared effective by the United
States Securities and Exchange Commission. This press release
does not constitute an offer to sell or a solicitation of an offer
to buy any securities, nor shall there be any sale of these
securities, in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful under the securities
laws of any such state or jurisdiction.
The offering of the securities is made only by means of a
prospectus forming a part of the effective registration statement.
A copy of the prospectus relating to the offering may be obtained
by contacting Credit Suisse Securities (USA) LLC, Attn: Prospectus
Department, Eleven Madison Avenue, New York, NY 10010; phone
+1-800-221-1037; or by contacting BofA Merrill Lynch, 4 World
Financial Center, New York, NY 10080, Attn: Preliminary Prospectus
Department or emailing Prospectus.Requests@ml.com.
About Global Education
Global Education & Technology Group Ltd. (Nasdaq:GEDU) is
the largest test preparation provider for IELTS and a leading
provider of educational courses and related services in
China. Under its "Global" brand, the Company also offers
diversified services that span a student's educational life cycle,
including after-school courses, overseas study consulting, and
professional certification test preparation. As of June 30,
2010, the Company's network comprised 66 directly operated and 226
franchised learning centers across China, as well as an online
course delivery platform with more than one million registered
members. For more information, please visit
www.globaleducation.cn.
CONTACT: Global Education & Technology Group Ltd.
Hannah Lee, CFO
hannahlee@globaleducation.cn
ICR LLC.
Michael Tieu
+86-10-6599-7960
michael.tieu@icrinc.com
William Zima
+1-203-682-8233
william.zima@icrinc.com
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