China Distance Education Ltd., a Beijing-based provider of online education and test preparation courses, has lowered its IPO price range from $9-$11 per American depository share to $7-$8 per ADS. It still plans to offer 8.75 million ADS, which represents 35 million ordinary shares.
China Distance Education plans to list on the NYSE Arca, with Citi and Merrill Lynch serving as co-lead underwriters.
Shareholders include Orchid Asia Group Management and Morningside Technologies. www.chnedu.com