NetClass Technology, a company that offers professional education software and services in China, has filed with the SEC to raise up to $10 million in an initial public offering. This filing comes after the company withdrew a prior F-1 submitted in March 2023. The original plan was to raise $17 million by offering 3.8 million shares at a price range of $4 to $5, but the offering was not completed.
Based in Shanghai, China, NetClass Technology now aims to raise $10 million by offering 1.8 million shares at a price range of $5 to $6. At the midpoint of this range, the company would have a market value of $97 million. NetClass Technology provides smart education IT solutions to various entities in China, including schools, training institutions, corporations, government agencies, and other corporate customers. Its services encompass SaaS subscription services and application software development, with products such as teaching management, campus management, and online teaching modules.
Founded in 2003, NetClass Technology generated $11 million in revenue for the 12 months ending September 30, 2023. The company plans to list on the Nasdaq under the symbol NTCL, with Revere Securities acting as the sole bookrunner on the deal.