The general manager of an education company tipped to float on the ASX and NZX says if it does list, it would be well subscribed.
Brokers Macquarie Capital and UBS are touting New Zealand-based Intueri Education Group to potential investors ahead of an imminent float in New Zealand and Australia.
Fund managers have been booked for presentations in Sydney and Melbourne this week, including a lunch at Macquarie’s offices in Melbourne on Wednesday, the Australian Financial Review reported.
Under the proposal to be presented to investors Intueri would be spun off from its Australian parent, Arowana International, and dual-listed on the NZX and ASX exchanges.
Intueri group general manager Rob Facer said a public listing was one of several capital raising options being considered.
Intueri Education includes North Shore International Academy, The Cut Above Academy, Elite International School of Beauty and Spa Therapies, Design Arts College and NZ School of Commercial Diver Training.
In what appeared to be a pre-IPO restructuring, Arowana has combined Intueri with Maori and Pacifica education provider Quantum Education Group and online vocational school Online Courses Australia. The combined group had $66.6 million revenue in the 2013 calendar year.
– © Fairfax NZ News