SINGAPORE: Local operator and franchisor of pre-school centres MindChamps on Friday (Nov 17) announced it is launching its initial public offering (IPO), having registered its prospectus with the Monetary Authority of Singapore to list on the mainboard of the Singapore Exchange.
In its press release, the company said it is making available more than 30.4 million shares at S$0.83 each, and the offering will open in Singapore on Nov 18 at 9am and close at noon on Nov 22.
The company, which started on Jul 25, 2008, is said to be the largest operator and franchisor of premium range pre-school centres, according to the report by Independent Market Research cited in the press release. It defines this segment as pre-school child care centres that charge each student S$1,700 and above per month for a 5- or 5.5-day week full-day programme in the country.
MindChamps said it intends to use the raised funds to fund its expansion plans, including potential acquisitions, among other corporate expenditure plans.
It pointed to its acquisition of four pre-school centres in Sydney, Australia, as an example of how such activities can help it "establish a meaningful presence and gain a toehold in the overseas pre-school education market".
The company said it has six company-owned-company-operated pre-school centres and 30 franchisee-owned-franchisee-operated centres in Singapore, constituting a market share of 38.5 per cent as at Sep 15 this year.