Ruanyun Edai Technology (RYET) said late Monday it priced its initial public offering of 3.75 million shares at $4 apiece for expected gross proceeds of about $15 million.
Underwriters have a 45-day overallotment option to acquire up to 562,500 additional shares, the Chinese education technology company said.
Ruanyun expects to use the IPO proceeds for research and development and new content, among other things.
The company expects its shares to start trading on the Nasdaq Capital Market under the ticker symbol RYET Tuesday, while the IPO is expected to close Wednesday.
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