MindChamps Preschool to raise US$34.3 million in Singapore Exchange listing
Pakistan Press Club – Singapore
MindChamps Preschool, a franchisor of premium range preschool centers in Singapore has made its trading debut on Friday at the Mainboard of the Singapore Exchange (SGX).
The preschool operator was among the most active stocks on the Singapore Exchange during early trading. At its highest point, about 13.4 million units were traded at S$0.875 – that is 4.2 percent above its opening price.
The preschool operator has offered a total of 30.4 million shares comprising of 28.4 million new shares for investors and 2.1 million shares for the public.
Another 2.348 million shares were reserved for the management, employees, and business associates of the group who have contributed to its success.
Institutional investors including ICH Capital, Island Asset Management, JF Asset Management, and SUTL Holdings has also subscribed to placement shares.
Meanwhile, the Hillhouse Funds, Target Asset Management, and CFCG Investment Partners International (Singapore) have also subscribed to an aggregate of about 28.9 million cornerstone shares,
MindChamps CEO David Chiem said the positive demand from investors strongly validates the company’s investment approach and education model.
“Building on our leading position as the largest operator and franchisor of premium pre-schools centers in Singapore, we plan to strengthen and expand our presence overseas to take the MindChamps movement from Singapore to the world and capture the growth of the early childhood education industry globally,” he said.
Altogether, this offering has raised up to S$46.2 million (about US$33.1 million) for the early education operator. MindChamps intends to use the IPO proceeds for the repayment of loans and to fund expansion plans, including potential acquisitions in Singapore as well as overseas.
Founded in Australia in 1998, MindChamps offers premium early childhood and enrichment programmes in Singapore, Australia, the Philippines, and the United Arab Emirates.
To date, the early education operator has 44 franchisee-operated and 10 company=owned preschools and learning centers that develop reading and writing skills.
