Intueri to list at $2.35 as Arowana holds onto maximum stake
Intueri to list at $2.35, the lower end of its range, as Arowana holds onto maximum amount
By Suze Metherell
May 8 (BusinessDesk) – Shares in Intueri Education Group, the private training provider, will list on the New Zealand stock exchange at $2.35, the lower end of the price range, as ASX-listed owner Arowana International holds onto a quarter of the group.
The Australian company will hang onto 24.9 percent and earn $101.9 million, half of the maximum $234 million it could have garnered from the dual-listing of Intueri on the NZX and ASX. The indicative price range for the IPO was between $2.25 and $2.75, with Arowana retaining between 15 percent and 25 percent.
The $2.35 share price gives Intueri an enterprise value of $252.5 million. The offer period starts today and ends May 21.
Arowana will use $60 million of the offer to pay for Intueri’s February acquisition of Quantum Education Group. Intueri is set to become New Zealand’s largest private training establishment by domestic students, with 6,000 local enrolments and a further 1,000 international students each year, across 26 locations. It also owns half of Online Courses Australia.
Once listed Intueri has said it will look to expand opportunities in the private education sector in New Zealand and its Australian online education business.
Massey University chancellor and former Landcorp chief executive Chris Kelly will chair the company.