The Dubai school operator Taaleem Holdings, which set its IPO price at Dh3, has raised Dh750 million. During this time, the oversubscription level was reached 18 times.
“I’m delighted our IPO saw such strong demand from both local and international investors,” said Alan Williamson, CEO of Taaleem. “This is a testament to the quality of our company and the hard work and dedication of all our teachers and employees.”
Taaleem’s market capitalization on listing would be around Dh3 billion, ‘making it the largest and only dedicated education provider on DFM at the time of listing’. The IPO proceeds will be used to expand on the company’s K-12 premium education network, ‘providing further opportunities for students in the UAE to access our high-quality education offering’.
The stock market float raised ‘significant demand from investors in the UAE and internationally’. Total demand came to over Dh13.7 billion, implying the over-subscription rate of 18 times.
It’s been a busy few weeks for UAE’s stock markets, with Bayanat AI off to a stupendous start on ADX and hitting daily gains of around 15 percent this week. On DFM, newly listed Empower has had a solid start, generating sizeable traded volumes in the process. After Taaleem, all eyes will be on Americana Restaurants, which has its subscription open. Listing will see Americana up on the ADX and Saudi Tadawul boards.\
It may not end there – market sources remain expectant about another IPO coming off the ranks before the year is out. “The liquidity is there as is proved again and again by the succession of IPOs that have come to market,” said an analyst. “These companies have shown the track record and have impressed investors. And their near-term plans will only solidify their positions.” Who will launch an initial public offering (IPO) in Dubai or Abu Dhabi is once again a mystery.
Subscribe to Updates
Get the latest creative news from FooBar about art, design and business.