Puxin Announces Completion of Initial Public Offering

On June 19, 2018, Puxin Limited announced the completion its initial public offering of 8,280,000 American Depositary Shares (ADSs), including the offering of 1,080,000 additional ADSs pursuant to the full exercise of the over-allotment option by the underwriters, at an offering price of $17.00 per ADS for a total offering size of approximately $140.8 million. The ADSs began trading on the New York Stock Exchange on June 15, 2018, under the ticker symbol "NEW." Wilson Sonsini Goodrich & Rosati represented the underwriters in the offering.

Citigroup Global Markets, Deutsche Bank Securities, Barclays Capital, Haitong International Securities Company, and China International Capital Corporation Hong Kong Securities acted as the underwriters in the offering.

Puxin is a successful consolidator of the after-school education industry in China and the third largest after-school education service provider in China in 2017 in terms of student enrollments, according to an industry report commissioned by Puxin and prepared by Frost & Sullivan.

The WSGR team that represented the underwriters in the offering included:

Corporate:
Dan Ouyang, Partner
Weiheng Chen, Partner
Ke Li, Associate
Qin Zou, Special Associate
Yuhang Li, Special Associate

Tax:
Myra Sutanto Shen, Partner

For more information, please see Puxin's press release.