- The listing marks another milestone in a momentous year on DFM with five public offerings from leading government-related and private companies
- Total market capitalization up 29% to AED 579.7 billion owing to the new listings and the improved performance of listed securities
- Total trade value increases 33% to AED 82 billion
Dubai: The Dubai Financial Market (DFM) today welcomed the listing of shares of Taaleem Holdings Group PJSC (Taaleem), one of the largest education service providers in the UAE with a portfolio of 26 schools and more than 27,000 students. The new listing marks another milestone in a momentous year for DFM through the public offering and listing of five leading government-related and private companies. The momentum also underscores the success of the strategic plan for the development of Dubai's capital markets and the quality and integration of the Emirate’s capital markets infrastructure.
To celebrate the listing, Khalid Al Tayer, Chairman of Taaleem, rang DFM market opening bell in the presence of His Excellency Helal Al Marri, Chairman of DFM, Alan Williamson, CEO of Taaleem Group and Hamed Ali, CEO of DFM and Nasdaq Dubai among several other officials.
Taaleem’s shares began trading under the symbol “TAALEEM”, following the successful public offering which raised AED 750 million, giving Taaleem a market capitalization of AED 3 billion on admission and a share price of AED 3.00.
The offering saw strong investor demand with oversubscription of 18 times and a total of AED 13.7 billion in orders, a clear testament to the attractiveness of the offering and the company’s business model. Taaleem’s listing significantly deepens the UAE’s capital markets by offering access to a publicly traded pure education play for the first time in the UAE. The company’s shares trade within the Consumer Discretionary Sector.
Commenting on Taaleem’s successful listing, the Chairman of Taaleem’s Board of Directors, Khalid Al Tayer, said: “Today’s listing on DFM is a significant and exciting occasion for Taaleem as the business embarks on a new chapter as a public company. The significant interest shown in the IPO from local and international investors with the offering oversubscribed 18 times and total demand of AED 13.7 billion, demonstrates the strong faith investors have in both Taaleem’s business story and Dubai’s capital markets. We are grateful to DFM for providing us with the platform to list on one of the world’s most dynamic and thriving exchanges. I would like to welcome all our new shareholders as we focus on creating long-term value for our investors and the UAE’s education sector.”
H.E. Helal Al Marri, Chairman of DFM, said: "The listing of Taaleem underscores the continuous successes of Dubai's ambitious strategy to develop its capital markets under the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. DFM's world class infrastructure and regulations in line with best practices has streamlined the rapid and efficient implementation of numerous initiatives as part of this strategy with IPOs at the forefront. Furthermore, DFM has intensified its efforts to diversify asset classes by introducing the trading of crude oil contracts as well as additional equity futures, strengthening its position as one of the leading regional markets in terms of diversification of investment opportunities and asset classes. Through these numerous initiatives, DFM is well-prepared for sustainable growth."
Taaleem’s Chief Executive Officer, Alan Williamson, added: “We are extremely proud today to celebrate Taaleem’s successful listing on DFM. The strong demand for our IPO is testament to our robust investment story and our dynamic roadmap for future growth. Looking ahead, our mission at Taaleem remains unchanged: to be the most respected provider of early childhood, primary and secondary education in the region. With the AED 750 million raised in the IPO, we are excited to expand our premium K-12 offering through the launch of four new schools in prime locations in Dubai and Abu Dhabi, enabling us to educate and inspire the next generation of students.
“The UAE’s premium K-12 schools’ market is expected to see robust growth over the coming years, driven by favourable macroeconomics and governmental policies. Taaleem, with its strong reputation for delivering high quality education at an affordable price point, is uniquely positioned to capture this opportunity with its track record of developing successful greenfield projects in the UAE’s premium education segment.”
DFM’s market capitalization increased 29% in 2022 to date to AED 579.7 billion owing to the significant impact of the new listings as well as the improved performance of listed securities, which pushed total trade value up 33% to AED 82 billion.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: "DFM is pleased to welcome the listing of Taaleem Group's shares, as a further testament on its attractiveness and ability to provide world-class financial market services to both government-related and private companies. The new listings, including Taaleem from the education sector, one of Dubai's most significant and rapidly growing sectors, further diversify investment opportunities and depth of the market. DFM has also witnessed unprecedented momentum in attracting new investors. The market has also onboarded a group of leading international Trading Members, General Clearing Members and Market Makers, in a strong push to our endeavors to attract more investments, boost market liquidity and trading activities."
DFM applied no price limits on the shares during the first day of trading, as they will be applied from the second day of listing.
The Group is one of the largest K-12 premium education providers in the UAE with a portfolio, as of 31 August 2022, consisting of 26 schools, comprising 10 owned and operated premium private schools, including one private Early Years facility (offering nursery to Foundation Stage Two education) (Early Years), and 16 government-partnership schools operated on behalf of government entities. As of August 2022, the Group had a student base of 27,407 students and a teaching staff of 1,721 teachers.
About Dubai Financial Market:
Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 Billion, DFM became a public joint stock company and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae
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