NEW YORK, June 15 (Xinhua) -- China's after-school education service provider Puxin Limited debuted on the New York Stock Exchange (NYSE) on Friday, trading under the ticker symbol of "NEW."

Puxin priced its initial public offering (IPO) of 7,200,000 American Depositary Shares (ADSs) at 17.00 U.S. dollars per ADS, for a total offering size of 122.4 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents two ordinary shares of the company.

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 1,080,000 additional ADSs at the initial public offering price less the underwriting discount.

Puxin said that 70 percent of the proceeds from the IPO will be used for financing potential strategic acquisitions and launch of new schools in China. In addition, 15 percent would be applied to technology systems and online platforms, 10 percent to marketing and 5 percent for working capital and other purposes.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Barclays Capital Inc., Haitong International Securities Company Limited, and China International Capital Corporation Hong Kong Securities Limited are acting as joint bookrunners for the offering.

Puxin started trading at 17.00 dollars per share on Friday, the same as its IPO price, and jumped above 21 dollars apiece around midday.

"By listing on the NYSE, we hope Puxin can acquire extra credibility besides the proceeds, as the exchange has a history of more than 220 years, so that the company can attract more talented people to help us develop the business," Peng Wang, chief financial officer of Puxin, told Xinhua after the opening bell.

Founded four years ago, the Beijing-based company is now the third-largest education service in China by student enrollments, according to a report by Frost & Sullivan.

Puxin had acquired 48 schools and built a nationwide network of 397 learning centers across 35 cities in China as of March 31, 2018, the company said in the prospectus.

Puxin's net revenues increased 192 percent to 204.5 million dollars in 2017, and for the three months ended March 31, 2018, its net revenues reached 79 million dollars, an increase of 150 percent from a year ago.

The company's net loss was 63.3 million dollars and 56.6 million dollars in 2017 and the first quarter of 2018, respectively.