China: Global Education & Technology Group, China’s biggest school offering preparation for the British language examination IELTS, said that it plans to raise at least $100 million via a US listing in mid-2009.
Beijing-based Global Education, which controls more than 60% of the domestic market for International English Language Testing System, a UK official English-language test for non-native speakers, also plans to sell about a 20-30% stake to foreign strategic investors ahead of its planned IPO, said its president, David Zhang.
Global Education is in talks with global investments including Goldman Sachs, Merrill Lynch, Deutsche Bank and Morgan Stanley for its IPO plan, David Zhang said, adding no official appointment of financial adviser and underwriter had been made.
Global Education has hired PricewaterhouseCoopers to audit its financial information, Zhang told Reuters in an interview on the sidelines of an industry forum.
SAIF Partners, a China-focused private equity fund jointly held by Japanese investor Softbank Corp, had invested $30 million in Global Education for about 20-30% stake, Zhang said.