After successfully raising A$331.6m in its initial public offering, IDP Education has commenced trading.
“We are now focussed on executing our growth strategy”
The company sold 125.1 million shares, priced at A$2.65 each, giving it a market capitalisation of A$663.3m.
Andrew Barkla, CEO of IDP Education said that this is a significant milestone for the company.
“We are delighted with the way the company has been received,” he said, adding: “We are now focussed on executing our growth strategy and continuing to maximise our position as an established leader in the international education sector.”
Fifty per cent of IDP is owned by Education Australia, which comprises of 38 Australian universities, while the other 50% is traded on the ASX.
The initial public offering was announced when co-owner, SEEK, said it would sell its 50% stake in the company. SEEK will also not hold any shares.
“We are very excited by the opportunities that lie ahead for IDP Education as a publicly listed company with an excellent shareholder base and a well-defined strategy for growth,” said David Battersby, chairman of Education Australia.
IDP Education is headquartered in Melbourne, Australia, and has over 400 IELTS test locations in more than 50 countries. It also has 89 student recruitment offices in 30 countries.