Dubai school operator Taaleem looks to raise $204M in IPO
Taaleem will offer 10% of its shares to retail investors from November 10, 2022, and 88% of its shares to professional investors on November 17.
Dubai-based private school operation Taleem announced that it plans to raise $204.21 million in its initial public offering (IPO), and list its ordinary shares on the Dubai Financial Market. The company announced its intention to float on the domestic market on its website on Monday.
Several news reports have added the funds raised will be used to expand the company's K-12 network.
Taaleem will offer 10% of its shares to retail investors from November 10, 2022, and 88% of its shares to professional investors on November 17. The listing is expected to be around November 29, 2022, as per Reuters.
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The company was founded in 2004 as Beacon Education, and it is one of the largest education groups in the UAE. In 2007, the school operator was backed by the Investment Corporation of Dubai—an investment arm of the Dubai government.
The development can be linked to an announcement made in November 2021 by Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, to list 10 government-linked entities on the DFM.
At present, Taaleem is one of the largest premium kindergartens to secondary school education providers in the region. As listed on August 31, 2022, it has a portfolio of 26 schools, including 10 owned and operated premium private schools and 16 government-partnership schools (operated on behalf of government entities).
The premium schools comprise of five IB curriculum schools, one American curriculum school, and four British curriculum schools. As of August 31, 2022, Taaleem had a base of over 27,000 students and over 1,700 teaching staff.
Edited by Suman Singh