Vocation to raise $253m in IPO
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Vocation Ltd, the vocational education and training company, plans to raise as much as $253.3 million in an initial public offering whose proceeds will be used to pay its founding shareholders.
The company will sell 200 million shares at $1.89 each in an IPO priced at 15.4 times Vocation’s forecast 2014 earnings per share, according to its prospectus.
All the shares sold in the IPO are currently held Vocation’s founders, directors, management and employees. The company was formed out of three private providers of vocation training and education and offers 78 qualifications.
Total vocational education and training sector revenue in Australia in 2012 was $8.8 billion. Vocation does not cater to the foreign student market.
Up to 80 per cent of Vocation’s revenue is derived from government contracts and it currently has 16 state and territory government contracts. In the 12 months to June 30, 2013, Vocation had about 24,000 new course enrolments.
“We expect the government to continue to support vocational training,” Vocation Chief Executive Mark Hutchinson told DataRoom.
Vocation forecasts a net profit of $6.3 million on revenue of $105.1 million in the 12 months to June 30, 2014.
Macquarie Group Ltd and UBS AG are the joint lead managers of the IPO. The two investment banks will be paid $8.8 million for their management of the IPO and may earn another $2.5 million in fees, at the discretion of Vocation.
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