ASX-listed Arowana International wants to raise as much as $234 million in the dual-listing of its Intueri Education Group, which will establish New Zealand's biggest private training establishment (PTE).
The Australian company plans to list an enlarged education group next month, selling shares at an indicative range of between $2.25 a share and $2.75, with the primary listing on the New Zealand stock exchange, it said in a statement to the ASX. Arowana would retain between 15 per cent and 25 per cent of Intueri, and needs shareholder approval for the transaction.
The offer will raise $62 million of new shares, with some $60 million will go toward paying for Intueri's acquisition of Quantum Education Group, which it bought in February, and Arowana intends to distribute some of the cash raised to its shareholders.