Dubai, UAE—Dubai private school operator Taaleem Holdings’ initial public offering (IPO) was covered within hours of the company opening its books on the Dubai Financial Market (DFM).
Taleem set the price range at AED2.95 ($0.80) and AED3 per share, implying a market capitalization at time of listing of between AED2.962 billion and AED3 billion. It plans to sell up to 254.2 million shares, or about a 25.32 percent stake.
The final offer price is expected to be announced on 18 Nov. 2022. Listing of the shares and trading on DFM is expected to begin 29 Nov. 2022.
The company is seeking to raise total capital of AED750 million ($204 million) from the IPO, whose net proceeds will be used to expand its premium K-12 segment, Taaleem said in a statement.
The firm joins a host of companies that have listed on the Middle East market. Dubai’s Emirates Central Cooling Systems Corporation (Empower) on Wednesday drew $34 billion in orders for its $724 million IPO.
In October, healthcare provider Burjeel Holdings raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion after seeing a significant demand from UAE and outside investors.
At the time of listing in October, Burjeel Holdings is the largest healthcare company trading on ADX, the company said.
Americana Restaurants International, the Middle Eastern operator of KFC and Pizza Hut restaurants, is also set to list.