SoftBank is among the investors in line for an exit as the online tutoring platform files for an initial public offering in the US with a $100m placeholder figure.
Zhangmen, a China-based one-to-one tutoring services provider backed by telecommunications group SoftBank, has filed for an initial public offering using a $100m placeholder figure.
The company is seeking a listing on the New York Stock Exchange, where it hopes to trade under the symbol ZME.
Founded in 2005, Zhangmen initially offered after-school lessons in classrooms but later pivoted to providing online courses and one-to-one tutoring.
Zhangmen secured a total of $1.1bn in equity financing, it said in its filing.
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