Private school operator Taaleem picks banks for Dubai IPO

Private school operator Taaleem picks banks for Dubai IPO

Private school operator Taaleem has picked EFG-Hermes and Emirates NBD Bank to lead a planned Dubai initial public offering, according to people with knowledge of the matter. The listing could come as soon as the fourth quarter this year, the people said, asking not to be identified as the information isn’t public. Preparations for the IPO are ongoing and details such as timing could still change, they said. A representative for Emirates NBD declined to comment. A spokesperson for EFG-Hermes wasn’t immediately available to comment. There was no immediate response to a request for comment sent via Taaleem’s company website. Dubai has kickstarted an ambitious programme to boost trading volumes by listing 10 state-owned companies. The $6.1bn IPO of utility Dubai Electricity & Water Authority earlier this month was the first such share sale, and its success has fuelled expectations that more companies will seek to take advantage of the momentum. While market volatility from Russia’s invasion of Ukraine and hawkish monetary policies have put a lid on listing activity in most regions, the Gulf has bucked that trend, buoyed by high oil prices and foreign investor inflows. Taaleem would be a rare private sector IPO in Dubai, which is