Zhangmen, a Warburg Pincus-backed Chinese online tutoring platform, is considering a U.S. initial public offering that could raise about US$300 million, according to people familiar with the matter, Bloomberg reports. The Shanghai-based company has held discussions with potential advisers on the share sale, which could take place next year, said the people, who asked not to be identified as the information is private. A representative for Zhangmen didn’t immediately respond to requests for comment. Zhangmen, which means leader or master in Chinese, was founded in 2005 with an initial focus on afterschool tutoring in classrooms. In 2014, the company shifted its business model to online one-on-one tutoring for students from elementary schools to high schools, according to its website.

Source: The Standard December 29, 2020 04:30 UTC