Dubai school operator Taaleem’s IPO raises Dh750m, over-subscribed 18 times

Dubai school operator Taaleem’s IPO raises Dh750m, over-subscribed 18 times

Dubai: The Dubai school operator Taaleem Holdings, which has set its IPO price at Dh3, has raised Dh750 million. And in the process hit an oversubscription level of 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 per cent this week. On DFM, newly listed Empower has had a solid start, generating sizeable traded volumes