Lead underwriters on the offering were Goldman Sachs, J.P. Morgan and Barclays Capital. Bright Horizons is controlled by Bain Capital, which will continue to hold an 80% stake in the firm.
Proceeds from the IPO will be used to pay down debt and for general corporate purposes.
Bright Horizons is the largest company of its kind, and now the only publicly traded company in the employer-paid child care sector. At $22 the shares are priced at about 60 times pro forma earnings, making them a bit rich. But the business does not require a lot of working capital because employers fund the daycare centers, and because Bright Horizons is a primarily a service business, it generates positive nice cash flow.
Shares are up nearly 28% at $28.12 in mid-morning trading.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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