iStep Learning, which operates nurseries in the UK, filed on Monday with the SEC to raise up to $18 million in an initial public offering.
The company plans to raise $18 million by offering 4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, iStep Learning would command a fully diluted market value of $193 million.
iStep Learning owns and operates nursery centers in the UK that provide childcare and early education to children aged three months to five years. The company was formed in 2023 through the combination of nursery groups Bambinos and The Nursery Family, and it has completed six acquisitions since then. It currently operates 24 centers in Southeast and Southwest England under nine brands, including Bambinos, The Nursery Family, and Little Explorers. The company has signed term sheets to acquire Bright Eyes Childcare, which runs three nurseries in Cornwall, and, Grolife, which runs eight specialist education schools under the EdStart Schools brand.
The London, United Kingdom-based company was founded in 2023 and booked $24 million in revenue for the 12 months ended June 30, 2026. It plans to list on the NYSE American under the symbol ISTL. iStep Learning filed confidentially on December 23, 2025. Arc Group Securities and Prime Number Capital are the joint bookrunners on the deal.
