DUBAI, Oct 31 (Reuters) – Dubai school operator Taaleem said on Monday it plans to raise 750 million dirhams ($204.21 million) in an initial public offering (IPO) to expand its network of charter schools.
Taaleem will offer 10% of its shares to retail investors from November 10, and 88% of its shares to professional investors on November 17, with a listing expected on November 29, it said in its intention to float document.
Another 2% will be given to eligible employees and eligible parents, it added.
Reuters reported in April the company was in preliminary talks with the bank for a potential float. Read more
Taaleem, one of the largest early childhood, primary and secondary education providers in Dubai, was established in 2004. In 2007, the school operator was backed by the Investment Corporation of Dubai, the investment arm of the Dubai government.
Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, announced plans in November last year to list 10 government-linked entities.
More than $15 billion has been raised in listings in the Gulf so far this year, according to Refinitiv data. Saudi Arabia had 24 IPOs that raised $4.75 billion, while the UAE had seven that raised more than $10 billion, the data showed.
($1 = 3.6727 UAE dirham)
Reporting Hadeel Al Sayegh; Edited by Kim Coghill and Rashmi Aich
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