(Reuters) Education International Corp (EIC), a Chinese education counseling company backed by private equity firm CVC Capital Partners, plans a Hong Kong IPO that’s set to raise up to $500 million, IFR reported on Friday, citing people familiar with the deal.
The IPO will consist of existing shares from CVC, with no proceeds going to the company, added IFR, a Thomson Reuters publication.
EIC declined to comment on the IPO plans. CVC was not immediately available for comment.
Credit Suisse, JPMorgan and UBS were hired as sponsors of the IPO, IFR said.