YXT.COM Group Holding (YXT) priced its IPO at $11.00 – the low end of the range – and trimmed the deal’s size at pricing to 2.273 million American Depositary Shares – down from 2.75 million ADS in the prospectus – to raise $25.0 million on Thursday night, Aug. 15, 2024. Each ADS equals three ordinary shares. YXT.COM Group Holding is the parent of a Chinese digital corporate education platform.
YXT.COM’s stock opened flat at $11.00 at 12:04 p.m. EDT on NASDAQ today – Friday, Aug. 16, 2024. At the closing bell, YXT.COM’s stock was at $10.02 – down 98 cents from its IPO price and just above its session low of $10.00. As it turned out, YXT.COM’s session high was the opening trade at $11.00. Volume for YXT.COM’s first day of NASDAQ trading was 327,333 shares.
Kingswood Capital Markets and Tiger Brokers were the joint book-runners.
Image Frame Investment (HK) Limited, an existing shareholder, had subscribed for, and has been allocated by the underwriters an aggregate of 454,545 ADS – or about 20 percent of the IPO – YXT.COM said in an SEC filing.
YXT.COM Group Holding, based in Suzhou, China, is the parent of YXT.COM, a cloud-based digital education platform that offered more than 8,200 courses covering about 20 industries and serving more than 2,400 subscription customers, as of March 31, 2024, the prospectus said.
The company is not profitable. YXT.COM Group Holding reported a net loss of $18.04 million on revenue of $53.0 million for the 12 months that ended March 31, 2024, according to the prospectus.
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