NZ education IPO to raise NZ$234m
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Arowana International says it will float its Arowana private education business Intueri Education Group to raise up to NZ$234 million.
Arowana says in its prospectus that it will seek a dual listing on the New Zealand and Australian stock exchanges for the business, which it says is the largest vocational trainer in New Zealand.
The shares will be priced in an indicative range of NZ$2.25 to NZ$2.75 per share, which implies a total enterprise value of between NZ$243m and NZ$293m.
The bookbuild will be carried out and the shares priced on May 6, with the shares due to start trading on both exchanges on May 23. Arowana says it will retain between 15 per cent and 25 per cent of Intueri.
The joint lead managers on the IPO are UBS and Macquarie.
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