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KinderCare Postpones IPO Due to Regulatory Issues

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KinderCare Education, one of the country’s largest for-profit childcare providers, has said it will delay an initial public offering indefinitely due to unspecified regulatory delays.

Portland, Oregon-based KinderCare aimed to raise at least $ 460 million in a bid that would have valued the company at around $ 3 billion. It was due to make its market debut Thursday on the New York Stock Exchange with the ticker KLC.

Due to regulatory delays beyond our control, we have decided to postpone our IPO, ”the company said in a statement Friday. This is a real disappointment, because the IPO would allow us to grow faster and serve more hardworking families while strengthening our mission to provide future generations with confidence for life. “

The company declined to comment beyond its statement.

KinderCare lost $ 129 million in 2020, and revenue fell almost 30% from the previous year to $ 1.4 billion, which the company attributed to Covid-related shutdowns. The company said it received $ 180 million in federal funding last year in Covid relief funds.

Activity has since resumed but remains below pre-pandemic levels. Revenue for the nine months ended Oct. 3 was $ 1.3 billion. Annual revenue was $ 1.9 billion in 2019.

The company says it is the largest private operator of child care centers in the United States in terms of capacity. Its main competitors are Bright Horizons Family Solutions Inc. and Learning Care Group Inc., a private company.

In its IPO speech, KinderCare said its size helps it provide more flexible options for parents and employers. The US child care industry is highly fragmented; single-site operations and small chains account for about 95% of the $ 40 billion industry.

Earlier this month, KinderCare said in a regulatory filing that it planned to offer 25.8 million shares in a price range of $ 18 to $ 21. We have received strong investor interest and positive feedback on the potential of KinderCares, ”the company said.

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