The firm also assisted in the expansion of Nido's childcare centre portfolio across Australia
MinterEllison has advised Nido Education Limited on its fully underwritten ASX IPO – a listing the firm claims is the second largest for this year.
Nido reached a market capitalisation of $219m after it issued 99.2 million shares to raise $99.2m. It commenced trading on 16 October and is presently the second largest listed operator in the childcare centre industry.
Nido utilised a “substantial portion” of the funds raised to acquire 24 more childcare centres in Victoria, SA, and WA, expanding the company’s portfolio to 52 centres in the country.
In a statement published by The Sector, Nido’s founder and managing director Mathew Edwards said, “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.”
According to MinterEllison, Nido intends to further expand its portfolio in 2024 with the addition of up to 32 centres. This expansion is expected to supported through an incubator model.
The multi-disciplinary MinterEllison team was led by M&A partners Bart Oude Vrielink and Sudharshan Senathirajah. The team advised on all aspects of the IPO as well as on the acquisition of new centres.