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Dubai-based school operator Taaleem Holdings began its IPO on Thursday with an offer price range set between 2.95 dirhams ($0.80) and AED3.00 per share, potentially raising up to AED762.7 million ($207.5 million).
This implies a market capitalisation between AED2.96 billion and AED3 billion at listing, the company said in a statement. The school operator is selling 254.2 million shares, or a 25.3% stake.
The subscription period for the IPO will open on November 10, with final pricing on November 18. The stock will begin debut trading on the Dubai Financial Market around November 29.
EFG-Hermes and Emirates NBD Capital are the lead managers for the offering.
This will be the bourse's fifth listing this year as part of its efforts to boost trading volumes.
Taaleem, one of the largest providers of early childhood, primary and secondary education in Dubai, was founded in 2004.
Taaleem intends to use the net proceeds from the offering to expand its premium K-12 schools' network.
(Reporting by Brinda Darasha; editing by Seban Scaria)
