NetClass Technology, a Shanghai-based company that offers professional education software and services, recently announced changes to the terms of its upcoming IPO. The company now aims to raise $9 million by selling 1.8 million shares at a price range of $4 to $6, compared to its previous filing which offered the same number of shares at a range of $5 to $6. This revision means that at the midpoint of the new range, NetClass Technology will raise 9% less in proceeds than originally expected.
NetClass Technology provides smart education IT solutions through its PRC subsidiaries to various entities in China, including schools, training institutions, corporations, government agencies, and other institutions. The company’s services include SaaS subscription services and application software development, with products that include teaching management, campus management, and online teaching modules.
The company was established in 2003 and generated $11 million in revenue for the 12-month period ending on September 30, 2023. NetClass Technology plans to list on the Nasdaq under the symbol NTCL, with Revere Securities acting as the sole bookrunner on the deal.
