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CHAMP's Study Group International mulls IPO

  • Brian McLeod
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CHAMP Private Equity-owned Australian education services provider Study Group International is reportedly exploring a listing on the Australian Stock Exchange in June, and has appointed Deutsche Bank and Credit Suisse as joint lead managers.

It’s estimated that the value of the float, if it materializes, could be up to A$600 million ($540 million). CHAMP acquired the business from the Daily Mail Group in 2006 for A$176 million ($157 million). Study Group is a major player in the foreign student market Down Under – which is Australia’s third largest externally-driven business segment. However, there are question marks about the viability of private equity-backed IPOs in Australia after share prices for Myer Holdings and Kathmandu Holdings sank below their issue prices after listing last year, and Archer Capital investee Rebel Sport effectively delayed its IPO. As a consequence, the two investment banks are reportedly developing a dual-track process to allow CHAMP an exit via a trade sale if necessary.

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