Child care co. Bright Horizons raises $222M in IPO
Child care provider Bright Horizons raises $222M in IPO as shares price higher than expected
WATERTOWN, Mass. (AP) -- Bright Horizons, a provider of child care services, has raised $222.2 million in an initial public offering of its stock.
The company said on Friday that it priced 10.1 million shares for $22 each, above the expected price range of $19 to $21 per share. That suggests healthy demand from investors. The banks managing the deal may buy another 1.5 million shares, increasing the funds raised.
Bright Horizons Family Solutions Inc. will use the IPO proceeds to repay debt.
The Watertown, Mass., company is being taken public by private equity firm Bain Capital LLC, which bought the company in 2008 for $1.3 billion. Bright Horizons had traded on the Nasdaq from 1998 until 2008.
Bright Horizons expects to begin new life as a public company Friday, with its stock trading on the New York Stock Exchange under the "BFAM" ticker symbol.
The company has more than 750 child care and early education centers.
