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Dubai-based education provider Taaleem Holdings has revealed its plans to float an IPO to raise 750 million dirhams ($204 million) and list its shares on the Dubai Financial Market, in what will be the bourse's fifth this year, as part of its efforts to boost trading volumes.
The company’s portfolio consists of 26 schools. The final offer price for the IPO will be determined through a book building process and the shares are expected to start trading on or around 29 November, the company said in a statement.
The IPO is a primary issuance only, and the company intends to use the net proceeds from to expand its premium K-12 schools network.
The offering, which will be in three tranches, will be open to individual and professional, and eligible employees and eligible parents, the company said.
The subscription period will open between 10 November and 16 November for the first and third tranches, and on 17 November for, the second tranche, or professional investors.
Taaleem said it will utilise the net proceeds from the IPO to expand its K-12 schools network.
EFG Hermes UAE LLC and Emirates NBD Capital PSC are joint lead managers. The Internal Shari’ah Supervision Committee of Emirates NBD has confirmed the offering is compliant with Shariah principles.
(Reporting by Brinda Darasha; editing by Seban Scaria)
