KinderCare Learning Companies, the largest private provider of early childhood education and care services in the US, revived its IPO plans on Wednesday with a blank filing, disclosing plans to raise up to $100 million. However, this is likely a placeholder for a deal that we estimate could raise up to $500 million. The company had previously planned to raise $503 million by offering 25.8 million shares at a price range of $18 to $21, but postponed in November 2021. In its latest filing, the company also disclosed updated financials for the FY21.
KinderCare is the largest private provider of early childhood education and care services in the US by center capacity. The company serves children ranging from 6 weeks to 12 years of age across its market leading footprint of 1,500 early childhood education centers with capacity of more than 197,000 children and contracts for more than 650 before- and after-school sites located in 40 states and the District of Columbia as of January 1, 2022. KinderCare operates all of its centers under the KinderCare brand and utilizes a consistent curriculum and operational approach.
The Portland, OR-based company was founded in 1969 and booked $1.8 billion in revenue for the 12 months ended December 31, 2021. It plans to list on the NYSE under the symbol KLC. Barclays, Morgan Stanley, Jefferies, BofA Securities, Goldman Sachs, Baird, Citi, Credit Suisse, and Macquarie Capital are the joint bookrunners on the deal. No pricing terms were disclosed.
