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Old 02-07-2019, 07:58 PM   #1
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KinderWorld IPO

School operator KinderWorld eyes SGX Mainboard listing

https://www.dealstreetasia.com/stori...isting-142180/

KinderWorld International Group Ltd (KIG) – one of the largest owner-operator of international schools in Vietnam – has lodged its preliminary prospectus seeking a public listing on the Singapore Exchange (SGX) Mainboard.

The pricing, timing, and proceeds to be raised from the proposed listing have not been finalised yet.

KIG plans to use the proceeds from the proposed IPO offering to fund its expansion in Vietnam, and new geographical markets. KIG also plans to use the proceeds for working capital purposes.

Founded in 1986, KIG provides education services from preschool to high school through three campuses including KinderWorld International Kindergarten, Singapore International School and Singapore Vietnam International School.

The Vietnam school business now manages and operates 15 campuses across eight cities, namely Hanoi, Ha Long, Danang, Nha Trang, Binh Duong, Vung Tau, Can Tho and Ho Chi Minh City.

KIG’s nearest competitor is Mindchamps Pre School Limited which was listed in November 2017 at S$0.83 per share and it raised S$46.20 million ($34.13 million) on the SGX. Despite making a debut 1.2 per cent above the IPO price at S$0.84, the stock price has since fallen by approximately 25.30 per cent to close at S$0.62 on June 27, 2019.

In the year ending June 30, 2018 (FY 2018), KIG generated total revenues of S$43.34 million ($32.02 million), up 13.02 per cent year-over-year (YoY) from S$38.34 million ($28.33 million) in FY 2017, while total profits rose 36.07 per cent YoY to S$9.53 million ($7.04 million) in FY 2018. DBS Bank Ltd (DBS) has been appointed as the sole issue manager and global co-ordinator for the public offering.

Maybank Kim Eng Securities Pte Ltd together with DBS are appointed as the joint bookrunners and underwriters. Kingsmead Asset Management Pte Ltd (Kingsmead), and certain undisclosed clients of DBS Vickers Securities (Singapore) Pte Ltd (DBS Vickers) have entered into a cornerstone subscription agreement with KIG to subscribe up to 30.77 million shares.
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Old 03-07-2019, 06:11 PM   #2
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preskool market still got meat? birth rate falling with doinate oeprators around (NTUC Campus/Sparkletot
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Old 10-07-2019, 09:15 PM   #3
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Question KinderWorld delays IPO until 'more favourable time'

KinderWorld delays IPO until 'more favourable time'

https://www.businesstimes.com.sg/com...avourable-time

KINDERWORLD is putting its initial public offering (IPO) plans on hold, the company said on Tuesday.

The Vietnam-based private-school operator said in a statement: "KinderWorld International Group and its advisers are evaluating the current market performance and geo-political climate, and have re-timed its proposed IPO to better tap the Singapore capital markets at a more favourable time."

Meanwhile, it is business as usual, the group said. "We remain confident about the prospects of our business. Our balance sheet remains healthy with sufficient funds to continue to grow in our targeted markets, and we are committed to delivering results and providing investors with long-term, sustainable value."

Singapore's IPO market for large flotations has been soft of late.

Prime US Reit downsized its offering size in June. In May, Eagle Hospitality Trust's subscription rate for its public offer was a mere 0.4 times.

KinderWorld is probably taking a wait-and-see approach until the market can support its desired valuation, stock watchers said.

At management roadshows, KinderWorld tested an IPO price range of 25.9 to 30.1 times its pro forma earnings per share for the financial year ended June 30, 2018.

But the market could only support a price to earnings ratio below that range, one observer said.

For comparison, MindChamps, an operator and franchisor of premium-range pre-school centres in Singapore, went public in 2017 at 37 times its historical earnings. MindChamps now trades at 23.4 times its trailing earnings.

KinderWorld had aimed to raise up to S$71.4 million from a mainboard listing on the Singapore Exchange, to value the company at between S$300.5 million and S$349.3 million.
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Old 12-07-2019, 12:41 PM   #4
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All bosses want high valuation.
Normal mah.
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