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MindChamps headed for mainboard IPO on SGX; hooks up with cornerstone investors
http://www.straitstimes.com/busines...po-on-sgx-hooks-up-with-cornerstone-investors
SINGAPORE - MindChamps Preschool has inked agreements with Chinese investors ahead of a planned initial public offering (IPO) on the mainboard of the Singapore Exchange.
MindChamps, which offers premium early childhood and enrichment programmes in Singapore, Australia, the Philippines and the United Arab Emirates, signed exclusive business partnerships on Tuesday (Oct 24) with investment firms China First Capital Group and Hillhouse Capital.
The parties intend to operate preschools and kindergartens under the "MindChamps" brand in China, including Hong Kong, as well as in Australia and the United States.
More definitive terms will be entered into within six months from the listing date, said China First in a bourse filing on Wednesday.
A spokesman for MindChamps declined to comment. Last month, Bloomberg reported, citing sources, that the company intends to launch an IPO here as soon as this quarter, and is seeking a valuation of about S$200 million.
China First Capital Group also entered into a cornerstone subscription agreement on Tuesday with MindChamps. It will subscribe for a 4.99 per cent stake in MindChamps, a financial commitment that is not expected to exceed S$11 million, it said.
MindChamps began operations in 2008 and is the largest operator and franchisor of premium range preschool centres in Singapore.
It has six company-owned and 44 franchisee-operated early childhood and reading and writing centres for children between the ages of two months and 10 years old in four countries.
In 2014, Singapore Press Holdings bought a 22 per cent stake in MindChamps for S$12 million.
China First Capital Group said: "Globally, the early childhood education sector has gained much visibility in recent years. MindChamps Preschool is well positioned to ride on the growth in the early childhood education industry and has built a prominent brand for preschool education and achieved a leading position in the premium range preschool market."
http://www.straitstimes.com/busines...po-on-sgx-hooks-up-with-cornerstone-investors
SINGAPORE - MindChamps Preschool has inked agreements with Chinese investors ahead of a planned initial public offering (IPO) on the mainboard of the Singapore Exchange.
MindChamps, which offers premium early childhood and enrichment programmes in Singapore, Australia, the Philippines and the United Arab Emirates, signed exclusive business partnerships on Tuesday (Oct 24) with investment firms China First Capital Group and Hillhouse Capital.
The parties intend to operate preschools and kindergartens under the "MindChamps" brand in China, including Hong Kong, as well as in Australia and the United States.
More definitive terms will be entered into within six months from the listing date, said China First in a bourse filing on Wednesday.
A spokesman for MindChamps declined to comment. Last month, Bloomberg reported, citing sources, that the company intends to launch an IPO here as soon as this quarter, and is seeking a valuation of about S$200 million.
China First Capital Group also entered into a cornerstone subscription agreement on Tuesday with MindChamps. It will subscribe for a 4.99 per cent stake in MindChamps, a financial commitment that is not expected to exceed S$11 million, it said.
MindChamps began operations in 2008 and is the largest operator and franchisor of premium range preschool centres in Singapore.
It has six company-owned and 44 franchisee-operated early childhood and reading and writing centres for children between the ages of two months and 10 years old in four countries.
In 2014, Singapore Press Holdings bought a 22 per cent stake in MindChamps for S$12 million.
China First Capital Group said: "Globally, the early childhood education sector has gained much visibility in recent years. MindChamps Preschool is well positioned to ride on the growth in the early childhood education industry and has built a prominent brand for preschool education and achieved a leading position in the premium range preschool market."