Nord Anglia Education Completes $304 US IPO

Hong Kong-based school operator Nord Anglia Education Inc. has completed its IPO on the New York Stock Exchange, offering 19.0 million shares at US$16, raising a total of US$304 million, according to media reports.

In February, Nord Anglia set its IPO pricing range at US$15-$17 apiece, for a total of US$300 million.

The company says it will use the proceeds from the IPO to pay down debt, partially redeem preference shares held by Baring Asia, as well as for general corporate purposes.

Nord Anglia was acquired by Baring Asia Private Equity in August 2008 for US$360 million. Baring then expanded Nord Anglia into North America and the Middle East through a US$237 million acquisition of WCL Group in May 2013.

Baring Asia did not sell its holdings in the IPO, but the its stake has been diluted to 74.6% from 93.3%.

Founded in 1972, Nord Anglia operates 27 schools in Southeast Asia, China, Europe, North America and the Middle East, teaching over 17,000 students from kindergarten to the end of secondary school, or K-12 level.

Credit Suisse, Goldman Sachs and J.P. Morgan acted as joint bookrunners on the deal.

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