Zhangmen Education Inc. is set to go public Tuesday, as the China-based online education company’s initial public offering priced overnight to value the company at about $1.8 billion. The IPO priced at $11.50 per American depositary share (ADS), within the expected pricing range of between $11 and $13 per ADS. The company sold 3.62 million ADS in the IPO to raise $41.7 million. Each ADS represented nine ordinary shares, and the company has a total of 1.42 billion ordinary shares outstanding, including 1.22 billion Class A ordinary shares. The stock is expected to begin trading on the NYSE under the ticker symbol “ZME.” Morgan Stanley and Credit Suisse were the joint book-running managers. The company recorded a net loss of RMB1.01 billion ($154.5 million) on revenue of RMB4.02 billion ($613.3 million) in 2020, after a loss of RMB1.50 billion on revenue of RMB2.67 billion in 2019. The company is going public at a time that the Renaissance IPO ETF has gained 5.4% over the past three months, iShares MSCI China ETF has edged up 0.8% and the S&P 500 has advanced 10.6%.

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