Services

Expanding Chinese students’ access to K12 after-school tutoring

Macquarie Capital acted as the joint bookrunner on Zhangmen
Education Inc.'s (“Zhangmen”) $US48 million initial public offering

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Sector Services
Sub-sector Education
Location China

Opportunity

Zhangmen is an online education technology company based in Shanghai, China, offering
one-to-one-after-school courses to school students aged between 3 and 18 years old.

In 2020, it was the largest online one-to-one K-12 after-school tutoring service provider in China in terms of gross billings, with a 32 per cent market share – more than that of the other top 10 providers combined.

Approach

In June 2021, Macquarie Capital acted as the joint bookrunner on Zhangmen's $US48 million initial public offering.

Zhangmen offered 4.2 million American Depository Shares (37.5 million ordinary shares), including overallotment at $US11.50. The offering was comprised of 100 per cent primary shares. Market capitalisation at offer price was $US1.8 billion.

Outcome

The IPO has successfully raised $US48 million, with the funds being used by Zhangmen to expand and enhance its products and services offering, improve its technology infrastructure, and acquire new students.

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