Candygram 10.07.2024

The regular-way IPO market continues to improve. Last week StandardAero $SARO priced a $1.4B deal above the range at $24 and it's traded up another 35% from there to $32.50, close to what we'd peg as full fair value.

FrontView REIT $FVR made it out and has held the offer price. There were 4 "underground" IPO transactions as well - BingEx $FLX, Chain Bridge Bancorp $CBNA, Wellchange $WCT, and HomesToLife $HTLM.

KinderCare

KinderCare is marketing a $600M deal, with Goldman and Morgan Stanley leading the way. The proposed range is $23-27. The use of proceeds includes debt repayment.

KinderCare is a large provider of "Early Childhood Education" in the US with revenues of $2.5B and ~10% EBITDA margins.