Taaleem Holdings, one of the largest K-12 premium education providers in the UAE with a portfolio consisting of 26 schools, has announced the price range and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).
Taaleem aims to raise AED750 million through the IPO.
The proceeds from the IPO will be then used to fund the development of four new premium schools across Dubai and Abu Dhabi, Taaleem’s chief executive officer Alan Williamson told Arabian Business earlier.
“Three of our planned schools will be in Dubai and one in Abu Dhabi, including two new schools under the Dubai British School brand,” Williamson said, adding that the Jumeirah and Mira locations we have chosen are extremely attractive in terms of the “catchments that they serve, positioning our schools in growing communities where we believe there is strong demand for affordable premium education.”
The price range for the offering has been set at between AED2.95 and AED3.00 per share, “implying a market capitalisation at time of listing of between AED2,962 million and AED3,000 million,” Taaleem said in an emailed statement.
The final offer price will be announced on November 18. Listing of the shares and trading on DFM is expected to begin on November 29.
“The price range implies the issuance of a total of 254,237,288 new shares, representing 25.32 percent of Taaleem’s share capital, at a price of AED2.95 per share, and a total of 250,000,000 new shares, representing 25.00 percent of Taaleem’s share capital, at a price of AED3.00 per share,” the statement added.
Taaleem has partnered with leading banks for the IPO. The joint global coordinators on the transaction are EFG-Hermes and Emirates NBD Capital.
“We have seen strong interest in our IPO since announcing our Intention to Float on 31 October 2022. Today, we are pleased to open subscriptions for all retail investors, professional investors and our school community through the parents and employees tranche,” Williamson said in the statement.
Emirates NBD is the lead receiving bank on the deal, with other receiving banks being Abu Dhabi Islamic Bank and Emirates Islamic Bank.
All eligible retail investors in the UAE will be able to subscribe for shares through any of the receiving banks or directly through DFM, during the subscription period will run from November 10 until November 16.
For professional investors, the subscription period will end on November 17.
Williamson further told Arabian Business that the IPO represents an “attractive opportunity” for investors to access Taaleem, which is known for its “strong track record in a fast-growing premium K-12 market, and positions us to cater to the growing demand for premium schools in the region.”
Taaleem has over 27,000 students, 3,000 employees and offer three curricula across 10 premium schools, those of which includes Dubai British School and Raha International.
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