(Yicai Global) Sept. 17 -- LAIX, the firm behind artificial intelligence-based learning app Liulishuo, has priced its shares at between USD11.5 and USD13.5 in a preliminary prospectus for an initial public offering on the New York Stock Exchange.

The Shanghai-based firm plans to issue 5.75 million American Depositary Shares in the IPO, with each representing one class-A share, according to its registration statement amended on Sept. 14. The over-allotment option available to the underwriters, Morgan Stanley and Goldman Sachs Asia, entitles them to subscribe to an additional 862,500 shares, meaning LAIX could raise over USD89 million through the offering. The firm's ticker will be NYSE:LAIX.

Founded in 2012, Liulishuo dubs itself "your personal AI English teacher," and claims to be the world's leading company in the combined AI and education field. It last raised funds in July 2017, when it bagged USD100 million in a round led by China Media Capital.

Like many Chinese companies that opt to list overseas, LAIX will adopt a dual-class, or weighted voting rights, structure to ensure its senior executives retain control of the company. It will issue around 19.7 million class-B shares to its three founders, with each carrying 10 times as much voting power as their class-A counterparts. If the underwriters opt not to exercise their over-allotment option, the class-B shares will make up 41 percent of all outstanding shares and 87.4 percent of voting clout.

The US is a preferred destination for many Chinese companies looking to IPO as rules are not as tight as those enforced by Beijing, and companies that are not yet turning a profit are able to list. Some 15 Chinese firms went public in the States in the first half, with three education companies among them. Several others have listed since, including electric carmaker Nio, consumer electronics manufacturer Xiaomi and e-commerce platform Pinduoduo.

Editor: James Boynton