MindChamps opens 1.2% above IPO price at 84 S cents on debut day

MINDCHAMPS PreSchool opened its trading debut at 84 Singapore cents on Friday, 1.2 per cent or one cent above its initial public offering (IPO) price.

The early education company was among the most active stocks on the Singapore Exchange during early trading. As at 9.38am, the stock was trading 4.2 per cent up on its opening price at 87.5 cents where some 13.4 million units had changed hands.

The IPO of 30.45 million shares comprised a placement of 28.45 million shares to investors- 21.4 times subscribed - and a public offer of two million shares - which were subscribed 83 times over.

Some 2.438 million shares were reserved for the management, employees and business associates of the group who have contributed to its success.

Institutional investors who have subscribed for the placement shares - ICH Capital, Island Asset Management, JF Asset Management, and SUTL Holdings - were each allotted 5 per cent or more of the invitation shares.

Founded in Australia in 1998, MindChamps has 10 company-owned and 44 franchisee-operated preschools and reading-and-writing centres across Singapore, Australia, the Philippines and the United Arab Emirates.

Singapore Press Holdings, the parent of The Business Times, is a shareholder of MindChamps.