Nido Education (ASX:NDO) launched an on-market share buyback of nearly 22.6 million shares valued at up to AU$5 million, according to a Thursday filing with the Australian bourse.
The program will begin around the second week of March and last for up to 12 months.
MA Moelis Australia Securities will handle the program on behalf of the company.
The buyback comes as the board considers that Nido's current share price "does not accurately reflect the underlying value of the company's assets, and the significant upside potential value created through Nido's growth prospects," per the filing.
The company, which offers childhood education and care services, was trading over 2% higher in recent Friday trade.
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