Now Reading
Taaleem IPO: Dubai school operator raises $204 million, oversubscribed 18 times – Arabian Business

Taaleem IPO: Dubai school operator raises $204 million, oversubscribed 18 times – Arabian Business

Taaleem Holdings PJSC has completed its book building and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM), the Dubai school operator announced in a statement on Friday.

The final offer price for the new shares to be issued in the offering has been set at AED3.00 per ordinary share, the top end of the offering price range.

The offering size is confirmed at AED750 million, resulting in the issuance of a total of 250,000,000 new ordinary shares, equivalent to 25 percent of Taaleem’s total issued share capital. As the offering is a primary offering, the net proceeds of the offering will go to the company, upon settlement,” Taaleem said.

“The AED750 million proceeds raised will be used to expand our K-12 premium education network, providing further opportunities for students in the UAE to access our high-quality education offering. As the largest dedicated education provider on DFM, we have a compelling and differentiated growth-focused investment proposition with our IPO helping to further grow and diversify Dubai’s capital markets,” Taaleem’s chief executive officer Alan Williamson (below) said.

The offering saw demand particularly from investors in the UAE and internationally.

“Total gross demand for the offering amounted to over AED13.7 billion, implying an oversubscription level of 18 times,” the statement added.

Based on the final offer price, Taaleem’s market capitalisation upon listing is expected to be approximately AED3.0 billion, making it the largest and only dedicated education provider on DFM at the time of listing.

Investors who subscribed via the first tranche (the UAE retail offering) and third tranche (eligible employees and parents) will receive an SMS confirmation of their respective allocation by November 22, with refunds due to commence on November 25.

Listing of Taaleem’s shares on the Dubai bourse is expected to take place on November 29 and is subject to customary closing conditions, under the symbol “TAALEEM” and ISIN “AEE01136T220”.

See Also

“EFG Hermes UAE LLC and Emirates NBD Capital PSC are acting as joint lead managers. EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and Emirates NBD Capital PSC (acting in conjunction with Emirates NBD Capital Limited) are acting as joint global coordinators,” Taaleem said.

Emirates NBD Bank PJSC is acting as the lead receiving bank followed by Emirates Islamic Bank PJSC and Abu Dhabi Islamic Bank PJSC as receiving banks as well.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.




Read More

© 2020 CANDOUR

Scroll To Top