Cairo – StonePine ACE Partners announced that its portfolio company Taaleem Management Services listed its shares on the Egyptian Exchange (EGX) at a valuation of EGP 4.2 billion ($267 million), which represents a doubling in valuation and a 60% internal rate of return (IRR) for investors.
"This was also the first sizable offering to be completed on the EGX in over 18 months," StonePine ACE Partners said in a recent statement.
Shares of the higher education management company debuted trading on the Egyptian bourse last week at a share price of EGP 5.75 with a total of 357.8 million shares sold by existing shareholders, representing 49% of the share.
The company allocated 17.89 million shares or 5% of offered shares for natural persons in a public offering and 339.93 million shares or 95% of the total offered shares for experienced institutional and retail investors with high financial solvency in a private placement.
The public offering was oversubscribed by 29.38 times, while the private offering was oversubscribed by 2.34 times.
In 2019, StonePine ACE Partners together with CI Capital Holding for Financial Investments and a group of co-investors acquired a 60% stake in Taaleem in a transaction valued at EGP 1.2 billion ($73 million).
“This successful exit values their stake at EGP 2.5 billion ($160 million?), representing more than a two-fold increase in valuation showcasing the significant investment opportunities available across the Middle East region.”
Taaleem owns and operates Nahda University in Beni Suef (NUB), the largest private university in Upper Egypt, which has a capacity of about 11,000 students.
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