Citi’s Issuer Services business has been appointed by Tarena International, a Cayman Islands-registered China-based company, as the depositary bank for its Level 3 American Depositary Receipt (ADR) program.
As a capital raising ADR program, the IPO generated $137.7 million, originally priced at $9.00 per ADR, listed on the NASDAQ under the symbol “TEDU.” Each ADR represents one Class A ordinary share, but these ordinary shares are not publicly traded in the issuer’s home market.
Tarena is a holding company that provides education services operating through a segment that includes live distance instruction, classroom-based tutoring and an online learning module focused on information technology.
Chinese Education Company Appoints Citi for Capital Raising ADR
Citi’s Issuer Services business has been appointed by Tarena International, a Cayman Islands-registered, China-based company, as the depositary bank for its Level 3 American Depositary Receipt (ADR) program.