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Singapore-based edtech Genius Group (GNS) has reduced its planned IPO by 55% from $40 million to $18 million.
The Company called in a shelf which now plans to offer 3.3 million shares at a price of between $5 and $6 per share. At a price of $5.50, the deal would fetch approximately $18 million. Subscribers would have an option to purchase up to 491,000 additional shares to cover over-allotments.
Genius Group has applied to list its shares on the NYSE under the symbol GNS. Boustead is now acting as Lead Bookrunner. Think Equity was listed in a previous filing.
In a filing filed in February, Genius Group said it plans to offer 7.3 million shares at a price of between $5 and $6, which would have raised about $40 million. The underwriters would have been granted a 45-day option to purchase up to an additional 1.1 million shares.
The company plans to use the proceeds from the transaction to fund further development of its edtech platform and other corporate purposes. Genius Group provides online and in-person educational services for children and adults.
For a deeper dive into Genius Group, check out Donovan Jones’s “IPO Update: Genius Group Seeks $40 Million US IPO” by Donovan Jones of SA.
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