Vocation to raise $253m in IPO

The proceeds of the company’s IPO will be used to pay its original shareholders.

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.

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