MindChamps Preschool
MindChamps Preschool. Company's website.

MindChamps Preschool, the largest operator and franchisor of premium range preschool centres in Singapore, on Friday offered 30.4 million shares at $0.83 each for its initial public offering.

The offering, that values the company at S$200.5 million, comprises 28.4 million new shares and 2.1 million shares sold by MindChamps Holdings, an investment holding company.

Cornerstone investors - comprising Hong Kong-listed China First Capital Group, Hillhouse Capital Management and Target Asset Management - will subscribe for an additional 28.9 million shares separate from the IPO.

The offering will raise S$49.2 million of gross proceeds from both the IPO and the cornerstone placement.

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.

Trading of shares on the Singapore Exchange is expected on November 24 around 9am local time.