BEIJING, Oct. 8, 2010 (GLOBE NEWSWIRE) -- Global Education & Technology Group Ltd. (Nasdaq:GEDU) ("Global Education" or the "Company"), the largest test preparation provider for the International English Language Testing System ("IELTS") and a leading provider of educational courses and related services in China, today announced that it has priced its initial public offering of 6,375,000 American depositary shares ("ADSs"), each representing four ordinary shares of the company, at US$10.50 per ADS, with a total offering size of US$66.9 million, assuming no exercise of the over-allotment option. The ADSs will begin trading on the Nasdaq Global Select Market on October 8, 2010 under the symbol "GEDU."
The Company has granted the underwriters a 30-day option to purchase up to an additional 956,250 ADSs.
Credit Suisse Securities (USA) LLC and BofA Merrill Lynch acted as joint bookrunners, and Piper Jaffray & Co. and William Blair & Company, L.L.C. acted as co-managers, for the offering.
Global Education's registration statement relating to the initial public offering has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, Eleven Madison Avenue, New York, NY 10010; phone +1-800-221-1037; or by contacting BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Preliminary Prospectus Department or emailing Prospectus.Requests@ml.com.
About Global Education
Global Education & Technology Group Ltd. (Nasdaq:GEDU) is the largest test preparation provider for IELTS and a leading provider of educational courses and related services in China. Under its "Global" brand, the Company also offers diversified services that span a student's educational life cycle, including after-school courses, overseas study consulting, and professional certification test preparation. As of June 30, 2010, the Company's network comprised 66 directly operated and 226 franchised learning centers across China, as well as an online course delivery platform with more than one million registered members. For more information, please visit www.globaleducation.cn.
CONTACT: Global Education & Technology Group Ltd. Hannah Lee, CFO hannahlee@globaleducation.cn ICR LLC. Michael Tieu +86-10-6599-7960 michael.tieu@icrinc.com William Zima +1-203-682-8233 william.zima@icrinc.com
