First Franklin Corp (FHS) Prices 7.5M ADS IPO at $10/IPO

March 11, 2021 5:54 AM EST

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First High-School Education Group Co., Ltd. (NYSE: FHS), the largest operator of private high schools in Western China and the third largest operator in China[1], today announced the pricing of its initial public offering (the "Offering") of 7,500,000 American Depositary Shares ("ADSs") at an offering price of US$10.00 per ADS for a total offering size of approximately US$75,000,000, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents three Class A ordinary shares of the Company. The Company expects to offer 5,000,000 ADSs and Longwater Topco B.V. (the "Selling Shareholder") expects to offer 2,500,000 ADSs in aggregate in the Offering. The ADSs are expected to begin trading on the New York Stock Exchange on March 11, 2021, under the symbol "FHS." The Offering is expected to close on March 15, 2021, subject to the satisfaction of customary closing conditions.

The Company and the Selling Shareholder have granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 1,125,000 additional ADSs.

The Benchmark Company LLC, Valuable Capital Limited and TFI Securities and Futures Limited are acting as the joint bookrunners of the offering and representatives of underwriters. AMTD Global Markets Limited, Maxim Group LLC, Boustead Securities, LLC, Futu Inc., US Tiger Securities, Inc., and Fosun Hani Securities Limited are acting as Co-managers of the offering. FT Global Capital, Inc is acting as advisor to the Company.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on March 10, 2021.

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