Dubai private school operator Taaleem Holdings drew Dhs13.7bn ($3.7bn) in investor orders for its initial public offering priced at the top of a marketed range.
The firm raised Dhs750m by selling 250 million shares at Dhs3 each, it said in a statement on Friday.
Taaleem had offered to sell as many as 254.2 million shares at Dhs2.95 to Dhs3 each.
The orders received for the IPO amount to an oversubscription level of 18 times, with Taaleem getting enough bids to cover all shares on offer within hours of opening its books.
Middle East IPOs are on track for their second best year ever since 2019, which saw Saudi Aramco’s record $29bn listing. Strong regional and international investor demand has helped listing activity stay strong in the region even as share sale volumes have plummeted elsewhere.
Taaleem’s shares are due to start trading on November 29. EFG-Hermes and Emirates NBD Capital acted as joint global coordinators for the IPO.