China’s AI-based English learning platform LAIX Inc has debuted on the New York Stock Exchange (NYSE) with its initial public offering (IPO), trading under the ticker symbol of “LAIX.”
The company priced its initial public offering of 5,750,000 American depositary shares (ADSs) at $12.50 per ADS. The total offering size was roughly $71.9 million. Along with this, LAIX has granted the underwriters an over-allotment option, exercisable within 30 days.
“Listing on the NYSE will make LAIX a more international company, which can help us attract customers all over the world, as we believe our English learning platform driven by AI not only can serve Chinese English learners, but also can help English learners in other countries,” said Yi Wang, chairman and chief executive officer of LAIX.
The company has planned to use the funds from the IPO for research and development, selling and marketing, and also for general corporate purpose.
This option would be subsequent to the date of the final prospectus, to purchase up to an additional 862,500 ADSs at the initial public offering price per ADS. Shares of LAIX started trading at $16.00 per share, up 28 percent from its IPO price.