Looks like the Chinese company my little brother joined last week is movin’ on up. The Dow Jones Newswire reports:
Chinese K-12 tutoring company Tal Education registered to sell $100 million of American depositary shares in an initial public offering in the U.S.
It’s the second Chinese education firm this month to register for a U.S. debut, following test-prep company Global Education & Technology Group. Ambow Education Holding Ltd. (AMBO) launched its IPO last month.
With proceeds from its offering, Tal wants to expand its number of centers and build a national training center, as well as improve existing facilities. It will also pay a declared cash dividend and strengthen its curriculum and course material development.
Tal said in its filing with the Securities and Exchange Commission that it is China’s largest after-school tutoring company for kindergarten through 12th grade, according a report it commissioned. It tutors students on core subjects like math, English and chemistry, either through small classes, one-on-one work or online courses. By the end of February, it had about 383,000 student enrollments, up from roughly 67,000 two years prior.
Its two founders offered the group’s first math-tutoring class while they were still grad students at Peking University began tutoring math in 2003. Last year, its profit doubled as revenue rose 86%.
This means little Rog will be coming back to the US soon for their bell ringing deal. I hope it’s not on one of those bad days when the Dow drops a million points and he has to stand there all smiley…