Shares of KinderCare Learning Company, backed by Partners Group, surged nearly 8% following its initial public offering (IPO), which raised $576 million. The IPO was priced at $24 per share, at the lower end of the anticipated range of $23 to $27. As of 2:23 p.m. in New York, shares were trading at $25.90.

This successful IPO gives KinderCare a market capitalization of approximately $3 billion based on its outstanding shares. The rise in share price reflects a positive reception in a market that is gradually recovering from a slowdown in U.S. IPO activity.

The IPO marks a significant milestone for KinderCare, a company focused on childhood education, as it seeks to expand its presence in the market. The backing from Partners Group, a global private equity firm, has likely contributed to investor confidence in the company's growth potential.

Overall, KinderCare's IPO is seen as a promising sign for the broader IPO market, which is looking to regain momentum after a period of reduced activity.