EFG Hermes concludes Taaleem’s IPO at $240m

EFG Hermes concludes Taaleem’s IPO at $240m

Cairo - Mubasher: Egyptian Financial Group Hermes Holding’s (EFG Hermes) investment banking division closed advisory as joint arranger and global coordinator on Taaleem Holdings’ initial public offering (IPO) at $240 million.

The UAE-based firm began trading on Dubai Financial Market (DFM) on 29 November 2022 under the ticker TAALEEM, implying a market cap of AED 3 billion, according to a press release.

Taaleem listed 250 million ordinary shares, equivalent to 25% of its share capital, at a price of AED 3 per share. The offering was oversubscribed 18 times after registering powerful demand from both retail and institutional investors alike at an amount of AED 13.70 billion.

Mohamed Fahmi, Co-Head of EFG Hermes Investment Banking, said: "Over $10 billion has been raised in the UAE listings this year, with the government issuing stake sales in numerous state entities to transform into a diversified economy and attract global investor demand, particularly in a market where investors prioritise yield over growth.”

Fahmi added: “Our unparalleled track record allowed us to create strong allocable demand from global institutional investors looking to capitalise on Taaleem’s attractive investment proposition and mobilise capital for social impact and overall development of the vital education sector."

He highlighted: “In 2022, EFG Hermes investment