Ed tech company Genius Group has commenced trading on the NYSE in an initial public offering (IPO) that raised gross proceeds of around $22.6 million.
Genius issued 3,272,727 ordinary shares at a price of $6.00 per share. In addition, the company’s underwriters exercised their over-allotment option in full for an additional 490,909 ordinary shares.
Boustead Securities acted as the sole underwriter for the offering.
Founded in 2015 and headquartered in Singapore, Genius provides education, training and life-long learning to over 2.7 million students in 200 countries spanning all age groups. The business includes four pre-IPO companies and four companies that were acquired at the time of the closing of the IPO.
The pre-IPO companies are Genius Group, GeniusU, Entrepreneurs Institute and Entrepreneur Resorts. The post-IPO add-ons are Education Angels, which provides early learning in New Zealand for children from 0-5 years old; E-Square, which offers primary and secondary school education in South Africa; University of Antelope Valley, which provides vocational certifications and university degrees in California; and Property Investors Network, which offers property investment courses and events in the UK.
Roger James Hamilton, founder and chief executive of Genius, said: “Our listing on the NYSE American represents a major milestone in the ongoing growth of Genius Group and our GeniusU ed tech platform.
“The four acquisitions completed with our IPO expand our education offerings into new age groups with a lifelong learning, AI-driven, personalised pathway for our students.
“We are looking forward to our post-IPO journey, with our ongoing focus on providing our students with the leadership, entrepreneurial and life skills to succeed in today’s fast-changing world.”
Date published: 13 April 2022