MindChamps signs deals ahead of IPO
MindChamps PreSchool has inked agreements with Chinese investors ahead of a planned initial public offering (IPO) on the mainboard of the Singapore Exchange.
MindChamps, the largest operator and franchisor of premium range pre-school centres in Singapore, has signed exclusive business partnerships with investment firms China First Capital Group (CFCG) and Hillhouse Capital.
The parties intend to operate pre-schools and kindergartens under the MindChamps brand in China, as well as in Australia and the United States.
More definitive terms will be entered into within six months from the IPO date, said CFCG in a bourse filing yesterday.
Last month, Bloomberg cited sources saying the company intends to launch an IPO here as soon as this quarter and is seeking a valuation of about $200 million. A spokesman for MindChamps declined to comment.
In its Hong Kong Exchange filing yesterday, CFCG said it has entered into a cornerstone subscription agreement with MindChamps. It will subscribe for a 4.99 per cent stake in MindChamps, a financial commitment that is not expected to exceed $11 million, it said.
It said: "Globally, the early childhood education sector has gained much visibility in recent years. MindChamps PreSchool is well-positioned to ride on the growth in the early childhood education industry and has built a prominent brand for preschool education and achieved a leading position in the premium range preschool market." - THE STRAITS TIMES
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