Think Child Care

Looks like another childcare IPO is coming our way.. Numbers look interesting..

Think Childcare and Education is seeking to raise $22 million for an initial public offering scheduled for next month.
The childcare centre operator has appointed Morgans and Patersons Securities to run the float, which will value the company at $40 million.

The share price of $1 reflects a forward price to earnings multiple of 9 times on a pro forma basis.
Think managing director Mathew Edwards and his associates will own 34 per cent of the company after the IPO, with new shareholders controlling 56 per cent of the registry.
Think plans to buy 30 day care centres with the funds raised, most of which are in Victoria within a two-hour drive from the Melbourne CBD. Two of the centres are in Sydney.
The equity raising opens on September 19 and is scheduled to close on October 2, ahead of a planned listing date of October 8. The brokers were calling for bids from clients by midday on Tuesday.
The raising follows the December listing of Affinity Education, which is trading more than 30 per cent above its issue price, and strong performance of G8 Education in the past year.