Virscend Education (01565) said its over-allotment option has been partially exercised by the joint global coordinator to require the company to allot and issue 88.76 million additional shares, representing in aggregate about 11.83% of the offer shares initially available under the global offering to cover over-allocations in the international placing.
The over-allotment shares will be allotted and issued by the company at HK$2.4 per share.
Virscend Education estimates that it will receive additional net proceeds of about HK$208.5 million from the exercise of the over-allotment option. It intends to apply the additional net proceeds to enter into cooperative arrangements with independent third parties to jointly establish new schools in China and overseas; purchase relevant land use rights to develop new schools, or acquire existing schools from independent third parties; establish a teacher and staff training and development center; and fund the company's working capital and general corporate purposes.
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