Evolve Education taps two brokers for raising

Petra

The Australian Financial Review

ASX-listed childcare operator Evolve Education Group is restocking its acquisition kitty.

The company was looking for $21.7 million in fresh capital on Wednesday morning, with help from Canaccord Genuity and Petra Capital.

Shares in the placement were being offered to funds at $1.10 each, which represented a 7.9 per cent discount to Evolve’s last close and a 10.7 per cent discount to its 15-day volume weighted average price, according to terms sent to funds.

The company said the money raised would be used to fund acquisitions.

The childcare operator has 136 centres in New Zealand and 20 in Australia and its acquisition strategy is focused on building out its local presence.

Bids into the deal were due by 5pm on Wednesday.