No small funding feat: Friday’s Nasdaq debut by 17 Schooling & Know-how Group, a Ok-12 schooling firm, generated the eighth IPO this 12 months of a enterprise backed by Beijing-headquartered Shunwei Capital.
Shunwei’s chairman Lei Jun – higher generally known as the billionaire CEO of smartphone maker Xiaomi – together with Shunwei CEO Tuck Lye Koh attended a digital occasion to mark the beginning of commerce.
Lei has an estimated fortune worth $23 billion on the Fintech Zoom Actual-Time Billionaires Listing in the present day. Koh ranked No. 42 on the 2020 Fintech Zoom Midas listing (see profile right here from earlier this 12 months).
17 Schooling rose by 0.7% and closed at $10.57 on Friday. Shares within the firm’s IPO, which raised $287 million, have been priced at $10.50.
Shunwei owns 17% of the corporate after the IPO; different buyers embrace Singapore’s Temasek. 17 Schooling’s income rose by 277% from a 12 months earlier to $118 million within the first 9 months of 2020; it misplaced $144 million throughout that point. (See prospectus right here.)
China is residence to the world’s second-largest variety of billionaires after the USA.
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