UAE-based Taaleem Holding Group — one of the largest providers of educational services from kindergarten to secondary schools — has chosen EFG Hermes UAE as lead manager and global coordinator for the initial public offering (IPO) and listing of its ordinary shares for trading on the Dubai Financial Market. The group seeks to raise about AED 750m from the offering and will use the proceeds from the offering mainly to expand the category of the K-12 premium sector (from kindergarten to high school) through the expected development of four new distinguished schools in distinct locations in Dubai and Abu Dhabi. It is worth mentioning that the group has a portfolio of 26 schools. Of the four new schools, three are expected to be in Dubai and one will be in Abu Dhabi, including two new schools under the 'Dubai British Schools' brand after regulatory approvals are obtained. The offering is divided into three tranches, the first for individual investors, the second for employees and parents, and the third for those eligible. The subscription will open on 10 November and close for retail investors in the UAE, employees, and those eligible on 16 November, while eligible investors have till 17 November. The shares are expected to be listed and start trading on the Dubai Financial Market on November 29, 2022. Taaleem appointed EFG Hermes Emirates and Emirates NBD Capital as joint global coordinators for the IPO. Khaled Al-Tayer — Chairperson of the Board of Directors of Taaleem Group — said that the company has taken an important step down its growth path and Taaleem has developed over nearly 20 years to become the second largest educational group for education in the UAE. He added that "the company is a true success story with its commitment to provide affordable and quality education, a strong business model, and strong government partnerships across Dubai, Abu Dhabi, and the Northern Emirates." The IPO provides an investment opportunity to participate in the next phase of the group's growth by expanding its network of premium K-12 schools. For his part, Alan Williamson — CEO of Taaleem Group — said that the education market in the UAE is supported by strong economic engines and government ambition, and the group caters to the fast-growing sectors of the private education market, noting that his company is the only one participating in all three government partnership programmes in the UAE. The company has a portfolio of 10 schools and 16 government-partnered-schools with diverse opportunities for more than 27,000 students and more than 3,000 employees. It also provides investors with an opportunity to invest in two rapidly growing segments of the education market in the UAE. "Today's announcement is a recognition of the progress we have made so far and will fulfil our aspirations to provide more to our students. I am fully confident that the offering will contribute to a prosperous future for Taaleem," Williamson concluded.
