Chinese online learning company iHuman Inc. debuted on the New York Stock Exchange (NYSE) on Oct. 9 after raising nearly US$100 million in its initial public offering (IPO).
Chinese online learning company iHuman Inc. debuts on the New York Stock Exchange on Oct. 9. (Photo provided to China.org.cn)
The Beijing-based company offers a range of online and offline educational programs in language, math, science, and culture in the form of audiobooks, picture books, and online learning apps. The courses are targeted at children between the ages of three and eight years old and emphasize learning in a fun environment.
Its online learning apps, including iHuman Chinese, iHuman Magic Math, and iHuman English World, are popular on Apple's App Store and Google Play with leading downloads in its category.
In the second quarter of this year, the average number of monthly active users of iHuman's app services reached more than 10.3 million, over three times that of the same period last year. Its quarterly paid subscribers reached 1.4 million, increasing four-fold year over year and making it the No.1 provider of online childhood "edutainment" in China, according to business consulting firm Frost & Sullivan.
"Based on over 20 years of education experience, we aim to make learning a more joyful experience," said Michael Yufeng Chi, founder and chairman of the company.
Under the symbol "IH," the company offered 7,000,000 American Depository Shares (ADS) at US$12 in its IPO. Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are acting as joint bookrunners and underwriter representatives for the offering.
iHuman said it plans to use about 35% of proceeds from the offering to expand its products and services both domestically and overseas.