Shares in Intueri Education Group, the private training provider, will list on the New Zealand stock exchange at $2.35, the lower end of the price range, as ASX-listed owner Arowana International holds onto a quarter of the group.
The Australian company will hang onto 24.9 percent and earn a net $101.9 million, below the $130.5 million payout Arowana could have received after offer costs of the dual-listing of Intueri on the NZX and ASX. The indicative price range for the IPO was between $2.25 and $2.75, with Arowana retaining between 15 percent and 25 percent.
The $2.35 share price gives Intueri an enterprise value of $252.5 million. The offer period starts today and ends May 21.
Arowana will use $60 million of the offer to pay for Intueri's February acquisition of Quantum Education Group. Intueri is set to become New Zealand's largest private training establishment by domestic students, with 6,000 local enrolments and a further 1,000 international students each year, across 26 locations. It also owns half of Online Courses Australia.
Once listed Intueri has said it will look to expand opportunities in the private education sector in New Zealand and its Australian online education business.
Massey University chancellor and former Landcorp chief executive Chris Kelly will chair the company.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Order Paper: Rob Hosking on good intentions, political correctness and social investment
- Levante S is the ultimate Maserati SUV… and it’s coming to NZ
- Is Pence poised to dump Trump? asks Michael Coote
- Michael Wigley on the rising cybersecurity challenges for boards; the risks for directors; and how to deal with them
- NBR Radio: best of the week ended May 26, with Grant Walker