03 Oct Airo AV Decides New number crunchers hired to help with ECA accounts
Still, we are told ECA wants to push ahead with plans for a $250 million initial public offering this year, in a deal that would value it at about $500 million. Bank of America Merrill Lynch and Macquarie Capital are spearheading the preparations.
Of course ECA owner/founder Rupesh Singh, his board and bankers will be keeping a close eye on markets, in light of this week’s sell-off.
Fund managers were given an introduction to the business in June, when ECA met investors as part of a non-deal roadshow.
To recap, ECA told fund managers it made about $100 million a year at the revenue line, had more than 15,000 applications in 2018, takes on more than 7000 students a year and has had more than 50,000 graduates.
ECA said it made 55 per cent of its revenue from partnerships with Victoria University and Swinburne University, 30 per cent in private higher education and professional courses including internships, and the other 15 per cent from university pathway courses including English tests.