Global Education & Technology Group Limited (NASDAQ:GEDU) is a Chinese company which provides education courses and services, particularly for foreign language and test preparation. As of 2009, Global Education was the largest providers of preparation services for English-proficiency test in China by revenue and student enrollment. The company also directly operates 66 learning centers and operates 226 through franchises.
Global Education plans to capitalize on the growing demand for English education. The growing middle class in China has increasingly pushed their children to learn English. The number of Chinese students admitted to US colleges and universities also has risen by 250% from 1,000 in 2006 to 2,500 in 2009. Global Education expects that the continued economic growth in China will continue to push up these numbers.
The company's initial public offering of stock on the NASDAQ and occurred on October 7, 2010. Its initial price range was $8.50-$10.50, and the stock priced at the top at $10.50. The company sold 6.375M ADS shares and raised $67M. The lead underwriter were Credit Suisse Group (CS) and Bank of America (BAC).
The company's revenue figures have consistently risen since 2007 - 83M RMB in 2007, 148M RMB in 2008, and 229M RMB in 2009. These increases have been roughly followed by growth in the net income figures. In 2007 the company reported 23M RMB, in 2008, 41M RMB, and in 2009, 56M RMB.