UAE's Taaleem sets offer price range, looks to raise $204m from IPO UAE's Taaleem sets offer price range, looks to raise $204m from IPO
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UAE’s Taaleem sets offer price range, looks to raise $204m from IPO

UAE’s Taaleem sets offer price range, looks to raise $204m from IPO

The subscription period starts today, with trading of shares expected to commence on November 29

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Taaleem IPO

UAE-based education provider Taaleem Holdings has announced the price range for its IPO that seeks to raise Dhs750m ($204m).

The company has set the price range at between Dhs2.95 and Dhs3 per share, implying a market capitalisation of between Dhs2.962bn and Dhs3bn at time of listing.

The final offer price is expected to be announced on November 18, while listing of the shares and trading on Dubai Financial Market is expected to commence on November 29, 2022.

The price range implies the issuance of a total of 254,237,288 new shares, representing 25.32 per cent of Taaleem’s share capital, at a price of Dhs2.95 per share, and a total of 250,000,000 new shares, representing 25 per cent of Taaleem’s share capital, at a price of Dhs3 per share.

The company aims to use the proceeds to expand its premium K-12 segment.

The subscription period starts today and will end for UAE retail investors, and eligible employees and parents on November 16 and a day later for professional investors.

“We have seen strong interest in our IPO since announcing our Intention to Float, said Alan Williamson, chief executive officer of Taaleem.

“Taaleem has delivered a solid growth story for nearly 20 years with particularly strong revenue and EBITDA growth between 2020 and 2022. Additionally, the Dhs750m proceeds from this IPO will help fund and accelerate the expansion of our K-12 premium schools network in the UAE and we will be even better positioned to provide greater access to our high-quality, aspirational education offering.”

EFG Hermes UAE and Emirates NBD Capital have been appointed as joint lead managers. Emirates NBD Bank has been appointed as the lead receiving bank, while Emirates Islamic Bank and Abu Dhabi Islamic Bank have also been appointed as receiving banks.

Dubai has witnessed a steady stream of listings in the last several months. The emirate has already listed three IPOs on its bourse this year, with district cooling firm Empower scheduled to begin trading on the Dubai stock exchange later this month.

Empower follows road-toll operator Salik, Dubai Electricity & Water Authority and business park operator Tecom Group, which were listed earlier this year.

Read: Dubai toll operator Salik raises over $1bn from IPO

Read: Dubai’s TECOM Group completes IPO, raises Dhs1.7bn

The IPOs are part of the government’s plan to list 10 government and state-owned companies to increase the volume of its stock market to Dhs3tn.

Read: Dubai announces listing of 10 govt, state-owned companies on DFM

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