Chinese edtech NetClass Technology (NTCL) has filed to raise $17M through a US initial public offering.

The Shanghai-based company said that it is looking to offer 3.8M shares priced between $4 and $5, which would raise around $17M if priced at the midpoint. Underwriters would be given a 45-day option to buy up to 563K additional shares to cover over-allotments.

NetClass intends to list its shares on Nasdaq under the symbol NTCL. Revere Securities is serving as sole bookrunner.

Incorporated in the Cayman Islands in January 2022, NetClass operates through subsidiaries in China. The company is a provider of online educational software to schools, training institutions, corporations and government agencies such as the Shanghai Municipal Education Commission.

The company has been profitable. For fiscal 2022, NetClass reported a net income of $133K on revenue of $9.3M.

NetClass plans to use most of the proceeds from the IPO to expand its business and further develop its courseware and technology offerings, according to its filing.

NetClass is the latest Chinese edtech to seek a US listing, joining Ruanyun Edai Technology (RYET), which filed for a $35M IPO last December. Other US-listed Chinese edtechs include Jianzhi (JZ), Genius Group (GNS), New Oriental Education (EDU) and Golden Sun (GSUN).

Quanta Sing (QSG) was the last Chinese edtech to hold an IPO, raising $41M in January.