(Bloomberg) -- China East Education Holdings Ltd. raised $625 million in the biggest-ever initial public offering by an education company, according to people with knowledge of the matter.
The vocational training provider sold 435.8 million shares at HK$11.25 each in Hong Kong, the people said, asking not to be identified because the information is private. The shares were offered at HK$9.80 to HK$12.26 apiece, according to a prospectus. The final price values East Education at 23 times its estimated 2019 earnings, assuming over-allotment is exercised, one of the people said.
East Education's $625 million offering is the largest education share sale globally, trumping the $490 million offering by U.S. education service provider Laureate Education Inc. in 2017, according to data compiled by Bloomberg.
An external representative for East Education declined to comment. The company aims to start trading June 12, according to the prospectus.
East Education runs vocational schools specialized in culinary, information technology and auto services, its prospectus shows. BNP Paribas SA is sole sponsor for the offering.
To contact the reporter on this story: Crystal Tse in Hong Kong at ctse44@bloomberg.net
To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Katrina Nicholas
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