The first Chinese early years education provider to listed in New York did so today and shares rose over 36% in the process.
China’s RYB Education Institution made its debut on Wall Street today, rising 36 % beyond the IPO price of US$18.50.
The company raised US$144.3mln, offering almost 8mln American depositary shares (ADS), with the cash going to further expand its footprint in China’s education industry.
RYB currently has more than 1,000 self-operated and franchised kindergartens, as well as play-and-learn centres in 250 Chinese cities.
Though it is one of the largest providers to focus on early education in China, it accounts for less than 0.5% of the market by revenue in 2016.
China’s early childhood education market is set to reach 200 billion yuan (US$30.11 billion) in 2017, according to one set of official figures.