MindChamps Preschool, the largest operator and franchisor of premium range preschool centres in Singapore, jumped as much as 7.2 percent above the IPO price in Friday's debut.
At 0200 GMT, MindChamps shares were up 4.8 percent at S$0.87 on the Singapore Exchange compared to its IPO price of S$0.83, with nearly 14,000 units changed hands.
Mindchamps IPO was oversubscribed 21.4 times. More than 30.4 million shares were offered at S$0.83 each, valuing the company at S$200.5 million.
The offering raised about S$46.2 million of net proceeds from both the IPO and the cornerstone placement, of which nearly S$44.6 million will be due to the company.
MindChamps intends to use the IPO proceeds for repayment of loans and to fund expansion plans, including potential acquisitions in Singapore as well as overseas.
MindChamps, which offers premium early childhood and enrichment programmes in Singapore, Australia, the Philippines and the United Arab Emirates, said the offer will open on November 18 and close on November 22.