Tencent and Heyi Group are among the investors in line for an exit as Logicreation files to go public in China.

Beijing Logicreation Information & Technology, a China-based education services provider backed by internet company Tencent, has filed for a RMB1.04bn ($152m) initial public offering on Shenzhen Stock Exchange’s ChiNext board, DealStreetAsia reported yesterday.

The company plans on issuing 10 million shares and is targeting a valuation of $586m. China International Capital Corporation has been appointed as lead underwriter.

Founded in 2014, Logicreation provides adult learning services through a talk show, live streams and interactive courses. Its offering includes Dedao University and the WeChat-based digital tool Luoji Siwei.

Proceeds from the offering would allow Logicreation to further develop its technology, improve its educational centres and support a research centre.

Tencent Investment, the corporate venturing arm of Tencent, participated in a series D round of undisclosed size in 2017 together with Sequoia Capital China, Huagai Capital and unnamed backers, according to DealStreetAsia.

Internet company Heyi Group took part in a $14m round in 2015, when China Culture Industrial Investment Fund, Qiming Venture Partners, ZhenFund and Loyal Valley Capital also invested.

Logicreation does not appear to have released any other funding details.

Zhenyu Luo, co-founder of Logicreation, will remain the largest shareholder with a. 22.8% stake, followed by China Culture Industrial Investment Fund (5.6%), Sequoia (4.4%), ZhenFund (1.4%), and Loyal Valley Capital (4.2%).