MindChamps lodges IPO prospectus; to sell 30.4 mil shares at 83 cents

MindChamps lodges IPO prospectus; to sell 30.4 mil shares at 83 cents

Michelle Zhu
17/11/17, 01:16 pm

SINGAPORE (Nov 17): MindChamps PreSchool, the operator and franchisor of premium-range preschool centres in Singapore, has registered its initial public offering (IPO) prospectus with the Monetary Authority of Singapore (MAS) to list on the Mainboard of the Singapore Exchange (SGX).

The IPO will offer a total of 30.4 million shares at 83 cents each, comprising an international placement of 28.4 million shares to investors and another 2 million by way of a public offer.

It will open in Singapore at 9am tomorrow and close at 12 noon on Nov 22.

Separately, the group has announced CFCG Investment Partners, Hillhouse Funds and Target Asset Management as cornerstone investors who have each agreed to subscribe for an aggregate of 28.9 million shares at the offering price.

This will represent 11.97% of the enlarged share capital of the company as at the listing date of Nov 24.  

Combining proceeds from both the offering and issue of cornerstone shares, MindChamps expects to raise gross proceeds of $49.3 million.

Looking ahead, the group says it intends to increase its product offering by expanding its infant are services through the launch of a series of classes entitled Actors Centre Kids, while also increasing its research into improving the nutritional value of the meals which it offers at its preschool centres.

“With our unique 3-Mind education model and leading position in the premium range preschool market, we are confident that MindChamps is well-positioned to capture growth of the early childhood education industry globally,” comments David Chiem Phu An, Founder, Executive Chairman and CEO of MindChamps.

“As part of our growth strategy, we plan to leverage our existing franchise model to establish partnerships in new overseas markets such as China, US, the UK, Malaysia, South Korea and Vietnam, as well as increase the number of FOFO centres in existing markets such as Singapore, Australia and the Philippines. We will seek suitable local partners with strong track record and preschool market experience to become our brand franchisees in these markets,” he adds.

MindChamps ended FY16 with revenue of $18.4 million, 48.1% higher y-o-y from $12.4 million previously. Gross profit came in at $12.4 million.

Shares of the group are expected to commence trading on a ready basis at 9am on Nov 24.

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