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Taaleem Completes Book Building, Raising AED750 Million In IPO With Offering 18 Times Oversubscribed | Dubai Education Guide


Taaleem Completes Book Building, Raising AED750 Million In IPO With Offering 18 Times Oversubscribed

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 AED3.00 per ordinary share (the Final Offer Price), the top end of the offering price range.

The Offering size is confirmed at AED750 million, resulting in the issuance of a total of 250,000,000 new ordinary shares (the Offer Shares), equivalent to 25 percent 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 AED13.7 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 AED3.0 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 AED750 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 22nd November 2022, with refunds due to commence on 25th November 2022.

Listing and the commencement of trading in Taaleem’s shares on DFM is expected to take place on Tuesday, 29th November 2022, 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.

EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and Emirates NBD Capital PSC (acting in conjunction with Emirates NBD Capital Limited) are acting as Joint Global Coordinators.

Emirates NBD Bank PJSC is acting as the Lead Receiving Bank, and Emirates Islamic Bank PJSC and Abu Dhabi Islamic Bank PJSC are acting as Receiving Banks.



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