Hailiang to price IPO of up to 2.5 million ADS between $6.00 and $8.00

Network 1 Financial is the bookrunner; deal funds school acquisitions

By Devika Patel

Knoxville, Tenn., May 1 – Hailiang Education Group Inc. will sell between 1.7 million and 2.5 million American Depositary Shares in its initial public offering with a 30-day greenshoe option of additional ADS, according to a Form F-1/A filed Friday with the Securities and Exchange Commission. The company has registered up to $20 million of stock for the deal, which was announced on Dec. 24.

The ADS will each represent 16 ordinary shares and will be sold at a price expected to fall between $6.00 and $8.00 per ADS.

Network 1 Financial Securities, Inc. is the bookrunner.

Proceeds will be used to acquire additional schools, for leasehold improvements, marketing, recruiting additional administrative staff, to enhance the company's information technology systems and for general working capital.

The Diankou Town, China, company provides private K-12 educational services in China. The company has applied to list the ADSs on the Nasdaq under the symbol “HLG.”

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