MindChamps launches IPO at 83 cents a share
MindChamps PreSchool, Singapore's biggest provider of premium pre-schools by market share, is aiming to raise $49.3 million in gross proceeds from its mainboard listing on the Singapore Exchange to fund expansion plans.
The company, led by founder David Chiem, said the listing would allow MindChamps to spread its pedagogy - developed in collaboration with world experts working in the domains of neuroscience, child psychology and theatre - overseas.
Apart from Singapore and Australia, target markets include China, the United States, Britain, New Zealand, Malaysia, South Korea and Vietnam.
"With our unique 3-Mind education model and leading position in the premium-range pre-school market, we are confident that MindChamps is well positioned to capture (the) growth of the early childhood education industry globally," said Mr Chiem, who is also the group's executive chairman and chief executive officer.
Yesterday, MindChamps offered 30.4 million shares at 83 cents each for its initial public offering (IPO), valuing the company at $200.5 million.
The offer comprises a placement of 28.4 million shares and a public offer of two million shares sold by MindChamps Holdings, an investment holding company.
It includes 2.4 million shares reserved for management. MindChamps Holdings will sell additional shares if required to cover an over-allotment option for a further 1.8 million shares.
Separate from the IPO, cornerstone investors - comprising China First Capital Group, Hillhouse Capital Management and Target Asset Management - will subscribe for an additional 28.9 million shares, also at 83 cents each.