Edutainment platform iHuman Inc. prepares to debut Friday in New York in a $91 million public listing.
The Beijing-based company said in its prospectus that it aims to sell 7 million American depositary shares at $11 to $13 per share. It is anticipated to lift off on the New York Stock Exchange as “IH” on Oct. 9.
Securing the deal are Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Tiger Brokers (NZ) Ltd., CMB International Capital Ltd., and CLSA Ltd. Underwriters may acquire an additional 1.05 million ADSs upon the IPO.
With a mission to “drive educational excellence for a better world forever,” iHuman offers interactive learning apps and smart learning devices and materials.
In its latest filing, iHuman has provided its most recent financials, saying revenues in the half-year through June 2020 doubled year-over-year to $26.3 million. The company has also turned profitable, landing $798,000 in income in contrast to $40 million in losses for the six months through June 2019.
For the full year 2019, the company posted revenue of $30.9 million, up 67% from 2018, and net losses of $39 million.
IHuman initially filed for a Wall Street IPO in early September, and it is certainly an opportune time for listing. The company said the outbreak of Covid-19 has led to increased demand for complementary education online, as schools were closed in the first half of 2020.