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Leading investment banking franchise EFG Hermes said its investment banking arm has completed its advisory on the $204 million initial public offering (IPO) of Dubai-based education provider Taaleem.
Taaleem is listed on the Dubai Financial Market (DFM). The firm acted as joint lead arranger and joint global coordinator on the transaction.
Taaleem issued 250 million new ordinary shares, representing 25% of its share capital. The shares were priced at the high end of the indicative price range of AED 3.00 per share, implying a total market capitalization of AED 3 billion (US$ 820 million). The deal generated strong interest from retail and institutional investors, with demand increasing to AED 13.7 billion, 18 times oversubscribed. The company begins trading under the ticker symbol TAALEEM.
private sector initial public offering
Mohamed Fahmi, Co-Head of Investment Banking at EFG Hermes, commented: “We are delighted to have completed the first private sector IPO on DFM in recent memory, which required a strong marketing capability to showcase Taaleem’s presence in multiple government-backed public companies. The GCC has raised more than $10 billion in UAE listings this year, with the government selling stakes in numerous state-owned entities to transform into a diversified economy and attract global investor demand, especially as investors prioritize yield over growth in the market.
“Our unrivaled track record enables us to generate strong distributable demand from global institutional investors looking to capitalize on Taaleem’s attractive investment proposition and mobilize capital for social impact and overall growth in the vital education sector.”
Taaleem is one of the largest K-12 quality education providers in the UAE, with a portfolio of 26 schools as of August 2022 – 10 quality private schools owned and operated, including a private early childhood institution and 16 government Partner School. For the 2022-2023 school year, it has a student population of 27,407 and a staff of 1,721.
Expansion of premium K-12 segment
The company intends to use the proceeds of the offering to expand its premium K-12 segment by opening four new premium schools in Dubai and Abu Dhabi to meet the growing demand for high-quality K-12 education in the UAE.
“This deal follows the team’s recent success in several key IPOs. In 2022, EFG Hermes Investment Banking led some of the largest ECM deals in the GCC, closing nine deals worth $10.9 billion. In 2022 alone In November, the team advised on the successful $724 million IPO of Emirates Central Cooling Systems (Empower) on DFM. It also completed the $60.6 million listing of Pearl Real Estate Investment Fund, an MSX Largest transaction in the past seven years. We are incredibly proud of the progress we have made in solidifying our position as the advisory partner of choice when it comes to ECM transactions in the GCC and we look forward to closing our position in the region,” Fahey said. Mi added.
Earlier this year, EFG Hermes’ investment banking arm acted as joint bookrunner on the $1 billion listing on DFM of Dubai’s exclusive toll booth operator Salik and completed Abu Dhabi’s largest-ever initial public offering, Borouge 20 Billion-dollar IPO consultation.
consult
The division also completed advisory on Ali Alghanim and Sons Automotive Company’s US$323 million pre-IPO private placement on the Kuwait Stock Exchange. It also acted as advisor and joint bookrunner on the $6.1 billion listing of Dubai utility Dewa – the largest listing in the Middle East since Saudi Aramco’s record share offering and the first of its kind for a Dubai-listed company trade.– trade arab news agency
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