Shares of Nord Anglia Education rise in market debut-Reuters

(Reuters) – Shares of Nord Anglia Education Inc rose as much as 12 percent in their U.S. market debut, valuing the Hong Kong-based school operator at about $1.7 billion.

Nord Anglia raised about $304 million after its initial public offering was priced at $16 per share, the mid point of its pricing range.

The company – which runs 27 schools in Southeast Asia, China, Europe, North America and the Middle East – sold all the 19 million shares in the offering.

Nord Anglia’s shares opened at $17.50 and touched a high of $17.84 on the New York Stock Exchange on Wednesday.

Baring Asia Private Equity bought Nord Anglia for $360 million in 2008 and helped the company enter the United States when it bought WCL Group for $237 million in May.

Credit Suisse, Goldman Sachs and JP Morgan were lead underwriters to the offering.

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