Private training provider Intueri Education Group hopes to raise up to $234 million from a dual stock exchange listing.
The company has registered a prospectus and approved an investment statement for its initial public offering next month that will see it list on the New Zealand and Australian stock markets.
It is planning to offer between 75 million and 85 million shares at an indicative price range of $2.25 to $2.75 per share, pricing the offer at $169m to $234m.
The sell-down will see Arowana International, the ASX-listed owner of Intueri, reduce its stake to between 15 per cent and 25 per cent.
The offer values Intueri at between $243m and $293m.
About $60m of the proceeds raised will fund Intueri's recent acquisition of Maori and Pacific education provider Quantum Education.
Intueri also owns the NSIA hospitality academy, the Cut Above hair and makeup academy, the Elite International beauty therapy school, the New Zealand College of Design and Arts, and the New Zealand School of Commercial Diver Training.
It has about 7000 students at these colleges and a further 2000 enrolled in Online Courses Australia, in which it has a 50 per cent stake.
In its prospectus, Intueri forecasts a net profit after tax of $10.5m this financial year, rising to $13.8m in 2015.
Its dividend is forecast to be 7.7 cents per share in 2014, increasing to 12.9 cents in 2015.
The joint lead managers for the offer are UBS New Zealand and Macquarie Securities (NZ).
The final offer price and allocation of shares will be decided after a bookbuild process that's starts on May 6, with the shares due to make their market debut on May 23.
The listing is subject to a vote by Arowana shareholders, due to take place on May 16.
- Fairfax Media