Sequoia-Backed China Online Education Falls in Trading Debut
- Raised $46 million in third U.S. IPO by Chinese firms in 2016
- Company offers $5 English classes taught by Filipino teachers
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China Online Education Group, which offers online English language training and is funded by venture capital firms including DCM Ventures and Sequoia Capital, fell on its first day of trading in the U.S. after raising $46 million in an initial public offering.
The American depositary receipts dropped 0.1 percent to $18.98 in New York Friday, after climbing as much as 10 percent. The IPO was priced at $19, the middle of its target range between $18 and $20.