NetClass Technology, which provides professional education software and services in China, filed on Tuesday with the SEC to raise up to $17 million in an initial public offering.
The Shanghai, China-based company plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. At the midpoint of the proposed range, NetClass Technology would command a market value of $84 million.
Through its PRC subsidiaries, NetClass Technology provides smart education IT solutions to schools, training institutions, corporations, government agencies, and other institutions and corporate customers in China. Its services include SaaS subscription services and application software development, and its products include modules such as teaching management, campus management, and online teaching, among others.
NetClass Technology was founded in 2003 and booked $9 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol NTCL. The company filed confidentially on June 22, 2022. Revere Securities is the sole bookrunner on the deal.
