Davis Polk Advises Puxin Limited on Its Initial Public Offering and NYSE Listing

Davis Polk advised Puxin Limited on its SEC-registered initial public offering of 8,280,000 American Depositary Shares, including the full exercise of the underwriters’ option to purchase 1,080,000 American Depositary Shares, for an aggregate price to the public of $140.76 million. Each ADS represents two ordinary shares of Puxin. The ADSs are listed on the NYSE under the symbol “NEW.”

Puxin is a successful consolidator of the after-school education industry in China. Puxin has a strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Puxin offers a full spectrum of K-12 and study-abroad tutoring programs designed to help students achieve academic excellence, as well as prepare for admission tests and applications for top schools, universities and graduate programs in China and other countries. 

The Davis Polk corporate team included partners Li He and James C. Lin, counsel Bingqing Pan, counsel-registered foreign lawyer Lijun (Annie) Yan and registered foreign lawyers Xiaotong (Lisa) Yuan and Jennifer Liu. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.