Stock Market Champs..........9-07-06

NEW ORIENTAL EDUCATION & TECH (EDU)

EDU

21.90

+6.90 (+46.00%)

5,289,300

Shares of New Oriental Education & Technology Group Inc.(EDU) , a provider of foreign language instruction in China, rose 47 percent in its stock market debut on Thursday, a day after pricing above a forecast range.

Shares opened at $22, climbed to $23.10, and stood at $22.01 in late-morning trading on the New York Stock Exchange.

The successful debut of New Oriental Education defies a summer-long slump in the IPO market attributed to interest-rate concerns and record-high oil prices that led to the highest number of delays since 2001.

Founder and CEO Michael Yu said New Oriental Education's successful opening can be attributed in large part to growth prospects for his company as well as the economy of China.

"This is mainly because of confidence in China's economic future," Yu said.

Two-thirds of the company's revenue is derived from four cities in China -- Beijing, Shanghai, Guangzhou and Wuhan -- each with a population of more than 4 million, according to a filing with the U.S. Securities and Exchange Commission.

The company plans to use proceeds from the offering to open new schools, develop teaching facilities, and also for possible "strategic acquisitions" in China, Yu said.

"The impression is that people recognize the big market of Chinese education," he said.

New Oriental, the first IPO after a two-week lull, raised $112.5 million on Wednesday with an offering of 7.5 million American Depositary Shares that sold for $15 each, compared with a forecast of $11 to $13. Each ADS represents four common shares.

The IPO, which represents about a 21 percent stake in the company, gives New Oriental an initial market capitalization of $529 million.

New Oriental plans to use proceeds from the IPO for working capital, general corporate purposes, expansion, and to repay debt, according to the SEC filing.

The company offers services and products primarily for English and other language training and delivers programs through a network of 25 schools, 111 learning centers and 13 bookstores.

The company also has more than 5,000 third-party bookstores, some 1,700 teachers in 24 cities and about 2 million registered online users, according to the SEC filing.

The underwriters, led by Credit Suisse and Goldman Sachs (Asia) LLC, have an option to purchase an additional 1.1 million ADSs.

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