By Greg Hazley
ICR is providing financial communications support for China-based tutoring services company Xueda Education, which went public with a $127.6M initial public offering on Nov. 2.
William Zima and Michael Tieu, managing directors for ICR/Asia, are handling the assignment.
Xueda, which runs 157 learning centers in 44 cities, sold all 13.4M of its American depository shares at the top end of the offering of $9.50 a piece. The company said it will use about $90M to shore up its operation platform and technology, and to develop new services.
Xueda shares rose as high as $14.73, a 55 percent gain, in the first day of trading before settling at $12.50.
Goldman Sachs was global cooridinator for the offering.
Xueda tutored 54,000 students in the first half of 2010.
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