Nido becomes fourth ASX listed early learning provider after successful IPO
![Nido childcare IPO](https://thesector.com.au/wp-content/uploads/2023/10/iStock-1442828541.jpg)
Nido Education has commenced trading on the Australian Stock Exchange (ASX) after the completion of a $99.2 million initial public offering at $1.00 per share joining G8 Education, Mayfield Childcare and Embark Education Group as a listed provider.
“Completing the capital raise allows Nido to continue to execute its growth objective, which is to increase the number of children that we can deliver high quality early education to,” Mathew Edwards, Nido’s Founder and Managing Director, said.
Proceeds of the IPO will go towards acquiring a further twenty four centres, in addition to the twenty eight it currently owns, with future growth supported by off take from its PE backed incubator NAED.
“We would like to take this opportunity to thank all the Nido team for their dedication to each other, the children and the families we serve and welcome our foundational IPO shareholders.”
“We greatly appreciate your overwhelming support of Nido.”
Occupancy and revenue trading ahead of forecast
Operational performance has been ahead of forecast through Q3 and into Q4 2023, with occupancy and total revenue having performed ahead of expectations as enrolment demand remains strong and supply of educators consistent.
Occupancy was confirmed at 82 per cent as at 8 October, 3 per cent above forecasts with centres more than eighteen months old, 38 in total, averaging 88 per cent.
The Group confirmed that new Nido services opened through incubation were trading well, with a number trading ahead of expectation and that construction, fit out, and licencing of new services are progressing well, with 32 expected to be opened through incubation by 31 December 2024.
Revenue for the June to early October period is currently $52 million, around 2.6 per cent ahead of forecast.
Nido trades under the ASX ticker NDO and closed its first day of trading at $0.96 cents.
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