The offer price of $1 a share implies an enterprise valuation of eight times to pro forma adjusted EBITDA forecast for the 2024 calendar year.
Or 12 times on a market capitalisation to after-tax profit for the same forecast period. Both exclude the impact of options.
Financials shared with potential backers said Nido had grown from just $17.8 million revenue in the 2020 calendar year to $88.8 million last year. It is forecasting this year’s sales to hit $134.9 million, followed by $171.6 million in 2024. That would be a 57.3 compounded annual growth rate.Earnings have followed a similar trajectory, with the EBITDA expected to leap from negative $5.7 million in 2020 to $45.9 million by the end of the 2024.
That’s expected to be in February 2025 and would ensure Edwards is on the hook to meet or beat forecasts listed in the IPO pitch decks – and Nido has 52 centres up and running with Sydney’s Alceon Private Equity acting as a funding partner. The goal is to have a pipeline of 100 centres over the next four to five-year period, the term sheet said.To this end, $73 million of the $99.2 million IPO raise has been earmarked for acquisitions. The proceeds would also pay for the first tranche of a loan , rental bonds , working capital , stamp duty related to acquisitions and $8 million in offer costs.
has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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