Hailiang Education to sell American Depositary Shares in IPO

Network 1 Financial is the bookrunner; deal funds school acquisitions

By Devika Patel

Knoxville, Tenn., Dec. 24 – Hailiang Education Group Inc. will price its initial public offering of American Depositary Shares representing ordinary shares, according to a Form F-1 filed Wednesday with the Securities and Exchange Commission.

Network 1 Financial Securities, Inc. is the bookrunner.

Proceeds will be used to acquire additional schools, for leasehold improvements, marketing, recruiting additional administrative staff, to enhance the company's information technology systems and for general working capital.

The Diankou Town, China, company provides private K-12 educational services in China. The company has applied to list the ADSs on the Nasdaq under the symbol “HLG.”

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