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Dubai school operator Taaleem will forge ahead with its IPO plans following shareholders’ approval for the sale of shares. The vote took place yesterday, and a book-building process will follow.
The company will be converted from a private joint stock company into a public entity, local daily, Gulf News, reported.
Dubai Financial Market (DFM) has seen several high profile initial public offerings this year after the Dubai government announced plans last year to list 10 state entities.
Some of the major listings so far this year include state utility company, DEWA, retailer Union Coop and real estate firm Tecom.
Taaleem will open charter-style private-sector run government schools this term, alongside Bloom Education, opening six new schools between the two companies.
The largest educational group in Dubai, GEMS Education, listed a $200 million sukuk on Nasdaq Dubai in 2013. It is listed as GEMS MENASA Caymen Ltd on The International Stock Exchange, Guernsey, where it has $900 million senior secured notes.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
