Spark Education, a Chinese K-12 online tutoring platform, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Spark Education's after-school tutoring platform is designed to help students develop lifelong skills like creativity, critical thinking, and problem solving, unlike other exam-oriented learning approaches. The company offers three main subjects: mathematical thinking, Chinese, and English. Classes primarily include four to eight students. The company was the largest online small-class education company in China by gross billings in 2020.
The Beijing, China-based company was founded in 2018 and booked $230 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol SPRK. Credit Suisse, Citi, CICC, Futu Securities, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.
