Looks like it may be another Affinity. If so, then REALLY CHEAP.
GS doing in Australia but mainly ex NZ.
Any views on this one ? NEW Zealand’s Evolve Education Group has raised $NZ132 million ($119m) in its planned initial public offer, after completing a book build overnight.
Evolve is selling 132 million shares at an issue price of $NZ1 each, giving the company an indicative market capitalisation of $NZ177m on listing. It will be majority New Zealand owned after the completion of the IPO, the company said after registering the prospectus today.
The book-build has seen strong demand from New Zealand and Australian institutions and participating brokers. There is no general public offer.
Evolve was set up in May by Greg Kern and Russell Daly of Queensland-based Kern Group, aiming to become a leading provider of early childhood education in New Zealand.
The proceeds from the IPO will be used to acquire an initial portfolio of existing early education businesses, including Lollipops Education and PORSE, both of which have been operating for more than 15 years.
Evolve expects revenue in the 2016 financial year to be $NZ136m, with a significant portion coming from government funding. Net profit after tax is estimated to be $NZ 16.6m for the same year.
The company is expected to trade on the New Zealand stock exchange and ASX on December 5.
Goldman Sachs and Forsyth Barr are joint lead managers of the offer.
