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Taaleem IPO 18 times oversubscribed

UAE education provider completes book building, raising Dh750 million in share sale

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Taaleem Holdings, one of the largest K-12 premium education providers in the UAE with a portfolio consisting of 26 schools, announced on Friday the successful completion of the book building and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM).

The price for the new shares to be issued in the offering has been set at Dh3.00 per ordinary share (the final offer price), the top end of the offering price range.

The offering size is confirmed at Dh750 million, resulting in the issuance of a total of 250 million new ordinary shares (the offer shares), equivalent to 25 per cent 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.

The offering saw significant demand from investors in the UAE and internationally. Total gross demand for the offering amounted to over Dh13.7 billion, implying an over-subscription level of 18 times.

Based on the final offer price, Taaleem's market capitalisation upon listing is expected to be approximately Dh3.0 billion, making it the largest and only dedicated education provider on DFM at the time of listing.

Alan Williamson, chief executive officer of Taaleem, said, "I'm delighted our IPO saw such strong demand from both local and international investors with the Offering 18 times oversubscribed. This is a testament to the quality of our Company and the hard work and dedication of all our teachers and employees. The Dh750 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."

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

Listing and the commencement of trading in Taaleem's shares on DFM is expected to take place on Tuesday, November 29, subject to customary closing conditions, under the symbol "TAALEEM" and ISIN "AEE01136T220".

EFG Hermes UAE LLC and Emirates NBD Capital PSC are acting as Joint Lead Managers.

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