China-based online education services company GSX Techedu has raised USD208 million in its initial public offering (IPO) on the New York Stock Exchange. The company sold 20 million American Depositary Shares (ADS), with 3 ADSs representing 2 Class A ordinary shares, at a price of USD10.50 per ADS in the offering. GSX is backed by China-focused venture capital fund manager Gaorong Capital, which did not dispose of any shares in the IPO.