(Bloomberg) -- KinderCare Learning Cos. Inc. is seeking to raise $648 million in an initial public offering, which could give it a market value of as much as $3.1 billion.
The Partners Group Holding AG-backed childhood education company plans to market 24 million shares for $23 to $27 each, according to its filing Monday with the US Securities and Exchange Commission.
Accounting for employee stock options and restricted stock units, the company would have a fully diluted value of about $3.5 billion if the shares price at the top of a marketed range, according to Bloomberg calculations. Funds affiliated with Partners Group will own 71% of the shares after the offering, the filing shows.
KinderCare had sought to raise as much as $541 million in 2021. It postponed those listing plans, citing “regulatory delays outside of our control.”
The company intends to use the proceeds from this offering to repay $548 million of loans and cover another $7.3 million worth of expenses, the filing shows.
KinderCare is the largest private provider of community-based early childhood education centers in the US, according to the filing. Based in Lake Oswego, Oregon, the company has about 2,500 locations in 40 states and the District of Columbia.
The company had net income of $103 million on revenue of $2.5 billion in 2023, compared with $219 million on revenue of $2.2 billion the previous year.
The offering is being led by Goldman Sachs Group Inc., Morgan Stanley, Barclays Plc and JPMorgan Chase & Co. The company plans for its shares to trade on the New York Stock Exchange under the symbol KLC.
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