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.
For the latest headlines, follow our Google News channel online or via the app.
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 program to inject some life into its stock market and boost trading volumes by listing 10 state-owned companies.
The $6.1 billion IPO of utility Dubai Electricity & Water Authority earlier this month was the first such share sale, and its success has fueled 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 energy-rich Arabian 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 hoping to entice private and family-owned companies to go public as well.
The emirate missed out on an IPO boom which swept through Abu Dhabi and Saudi Arabia last year, and prior to DEWA had only seen one $95 million listing since 2017.
Taaleem runs 17 schools across the United Arab Emirates, which offer British and American curricula as well as the International Baccalaureate, according to its website. Its offering caters to 18,900 students and spans early childhood, primary and secondary education.
Read more:
UAE Eid al-Fitr holiday dates announced for federal government employees
Abu Dhabi license plate sells for $6.3 million in charity auction
Dubai to host world’s first NFT pay-per-view sports event for Mayweather fight in May
