Education software provider, Scholaris International, has its work cut out raising $6 million for a stockmarket listing. Conditions for floats are terrible and Scholaris has the added problem that share prices of other listed education stocks have fallen sharply.

The most prominent casualty is child-care operator ABC Learning Centres. Purer education plays such as Kip McGrath Education Centres, also expanding online, have been slaughtered. The dismal performance of Entellect Solutions has also shaken the faith of online education believers.