Money

TAL Education Group raises $120m in US IPO

(Agencies)
Updated: 2010-10-20 14:22

China's TAL Education Group raised $120 million in its US initial public offering (IPO) after pricing its shares at the top of its forecast range, Bloomberg reported on Wednesday.

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The provider of after-school tutoring services in China sold 12 million American depositary receipts for $10 each on Tuesday after offering them at $8 to $10 apiece, according to a filing with the Securities and Exchange Commission and data compiled by Bloomberg.

The Beijing-based company will use the proceeds to help increase its number of learning and service centers and pay a dividend, Bloomberg said, citing the company's prospectus. The tutoring service provider's sales increased 86 percent in the year up until February.

TAL offers services to more than 380,000 students in cities from Beijing to Wuhan, Bloomberg said.

Credit Suisse Group AG of Zurich and Morgan Stanley in New York led the offering. TAL Education will start trading on the New York Stock Exchange on Wednesday under the ticker XRS.