{"id":4375,"date":"2018-06-08T11:52:01","date_gmt":"2018-06-08T15:52:01","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=4375"},"modified":"2018-06-08T16:08:24","modified_gmt":"2018-06-08T20:08:24","slug":"putin-limited-ipo-preview-new","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/putin-limited-ipo-preview-new\/","title":{"rendered":"Puxin Limited #IPO Preview ($NEW)"},"content":{"rendered":"

\"Puxin\"<\/a><\/p>\n

Company: Puxin Limited
\nSymbol: NEW
\nDescription: They are a successful consolidator of the after-school education industry in China.
\nTrade Date: 6\/15
\nShares: 7.2 million
\nPrice Range: $17.00-$20.00
\nUnderwriter(s): Citigroup, Deutsche Bank, Barclays, Haitong International, CICC
\nTerms Added: 6-1-18<\/p>\n

Link to Prospectus<\/a><\/strong><\/p>\n

Link to Retail Roadshow<\/a><\/strong><\/p>\n

Business<\/strong>:\u00a0They are a successful consolidator of the after-school education industry in China. They have strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Through acquisitions and organic growth, they have grown rapidly and became the third largest after-school education service provider in China in 2017 in terms of student enrollments, according to the Frost & Sullivan report. Since their inception, they had acquired 48 schools and built a nationwide network of 397 learning centers across 35 cities in China as of March\u00a031, 2018. Their total student enrollments increased 180.4% from 454,945 in 2016 to 1,275,723 in 2017, representing the fastest growth among major after-school education service providers in China, according to the Frost & Sullivan report. In the first quarter of 2017 and 2018, their total student enrollments were 185,446 and 260,973, respectively.<\/p>\n

FINANCIALS:<\/strong>\u00a0\u00a0Their net revenues increased by 192.0% from RMB439.2\u00a0million in 2016 to RMB1,282.6\u00a0million (US$204.5 million) in 2017. For the three months ended March 31, 2018, their net revenues reached RMB495.7 million (US$79.0 million), an increase of 150.1% from RMB198.2 million for the same period in 2017. Their net loss was RMB127.6 million, RMB397.2\u00a0million (US$63.3 million) and RMB355.0 million (US$56.6 million) in 2016, 2017 and the first quarter of 2018, respectively. As of December\u00a031, 2016 and 2017 and March\u00a031, 2018, their deferred revenue was RMB318.3\u00a0million, RMB1,035.4 million (US$165.1 million) and RMB875.2 million (US$139.5 million), respectively. Their adjusted EBITDA was RMB(62.5) million and RMB(219.4) million (US$(35.0) million) in 2016 and 2017, respectively, and for the three months ended March\u00a031, 2017 and 2018, their adjusted EBITDA was RMB(14.8) million and RMB(19.0) million (US$(3.0) million), respectively.<\/p>\n

\"Screen<\/a><\/p>\n

Book-Building Status<\/strong>: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.<\/p>\n

IPO Boutique subscription clients receive daily updates on this critical information.<\/span><\/a><\/p>\n

Conclusion<\/strong>: IPO Boutique provides ratings, daily commentary and a forecast for how this IPO will open vs. its offering price. We have kept a\u00a0track record<\/span><\/a>\u00a0with our performance for last 12 years at our website. Additionally, here’s a 2017 recap of our performance<\/a>\u00a0to showcase the value of IPO Boutique’s service.<\/p>\n

Indicate with confidence,\u00a0<\/b>SUBSCRIBE<\/b><\/a>\u00a0today.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Company: Puxin Limited Symbol: NEW Description: They are a successful consolidator of the after-school education industry in China. Trade Date: 6\/15 Shares: 7.2 million Price Range: $17.00-$20.00 Underwriter(s): Citigroup, Deutsche Bank, Barclays, Haitong International, CICC Terms Added: 6-1-18 Link to Prospectus Link to Retail Roadshow Business:\u00a0They are a successful consolidator of the after-school education industry[…]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24],"tags":[1516],"class_list":["post-4375","post","type-post","status-publish","format-standard","hentry","category-ipo","tag-new"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=4375"}],"version-history":[{"count":2,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4375\/revisions"}],"predecessor-version":[{"id":4389,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4375\/revisions\/4389"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=4375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=4375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=4375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}