NYSE-listed Chinese education giant New Oriental Education & Technology Group
Credit Suisse, BofA Securities and UBS will jointly sponsor and serve as global coordinators for the proposed public offering.
The offer price will be no more than HK$1,399 per share while the offer price for the international offering may be set at a level higher than that of Hong Kong. And the company will set the international offer price around Nov. 3 Hong Kong time.
For international underwriters, the over-allotment will be an additional 1.28 million new shares, representing no more than 15% of the total offering.
New Oriental plans to use the net proceeds from the offering for technology investments to provide students with a better learning experience as well as expand its business to touch upon more cities.
The company has also decided that the public offering in Hong Kong will operate in a fully electronic application process with no printed prospectus or application forms, which matches how its customers and stakeholders interact with the company as well as New Oriental’s value on environmental protection.
The commerce of the offering will close at 12:00 noon on Nov. 3, 2020, Hong Kong local time.