Childcare roll-up Evolve Education Group has set the price for its initial public offer at $1 per share and will have a market value of $177 million after it floats on the NZX and Australia's ASX on December 5.
The company has registered a prospectus for the offer today following the completion overnight of a fixed-price book-build process with Australasian institutions and participating brokers.
Demand for the offer was strong, with one New Zealand fund manager receiving less than half the Evolve stock it had requested.
Evolve is selling around 75 per cent of the company through the IPO, issuing 132 million shares at $1 each, the proceeds of which will be used to fund the purchase New Zealand childcare businesses including Lollipops Educare and Porse.
The company said it would have a total of 177.1 million shares on issue following the completion of the offer, giving it an indicative market capitalisation of $177.1 million.