China Distance Prices Low IPO

China Distance Education Ltd., a Beijing-based provider of online education and test preparation courses, has raised $61.25 million in its IPO. The company priced 8.75 million American depository shares at $7 per share, which was the low end of an already-reduced price range. It plans to  trade on the NYSE Arca, while Citi and Merrill Lynch served as co-lead underwriters.

Shareholders include Orchid Asia Group Management and Morningside Technologies.