Taaleem IPO subscription opens at Dh2.95-Dh3 per share

Dubai-based school operator Taaleem Holdings, which is seeking to raise Dh750 million through an initial public offering, opened its subscription on Thursday at a price range of Dh2.95-Dh3 per share.

The company said it plans to list up to 25.32 per cent of its share capital with the set price range, implying a market capitalization of between Dh2.962 billion and Dh3 billion at the time of listing.

Taaleem, a leading K-12 education provider with a portfolio consisting of 26 schools, said it intends to use the net proceeds from the offering to expand its premium school network.

Alan Williamson, chief executive officer of Taaleem, said the Dh750 million proceeds from this IPO will help fund and accelerate the expansion of the company’s K-12 premium schools network in the UAE and will better position it to provide greater access to high-quality, aspirational education offering.

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“We have seen strong interest in our IPO since announcing our Intention to Float on October 31. Today, we are pleased to open subscriptions for all retail investors, professional investors and our school community through the parents and employees tranche.”

The final offer price is expected to be announced on November 18 Listing of the shares and trading on DFM is expected to commence on November 29.