Egyptian higher education platform Taaleem Management Services, which owns Nahda University in Beni Suef (NUB), has listed its shares on the Egyptian Stock Exchange (EGX).
Taaleem is the portfolio company of StonePine ACE Partners, a joint venture between Jersey domiciled investment firm StonePine Capital Partners and ACE & Company SA, a Geneva-based global private equity fund.
The EGX listing follows Taaleem’s initial public offering (IPO), whose retail tranche was 29 times oversubscribed and the institutional tranche 2.3 times oversubscribed.
The listing took place at a share price of 5.75 Egyptian pounds ($0.36) per share, with a total of 357.8 million shares sold by existing shareholders, according to a statement.
Last August 2019, StonePine ACE Partners, CI Capital and a group of co-investors acquired a 60 percent stake in the platform in a deal valued at $73 million.
According to Youssef Haidar, founder and CEO of StonePine Capital Partners, the listing is a great milestone for their team and a very successful outcome for their investors.
“Since our investment, we have worked closely with Taaleem’s management team, who we must thank for their flawless execution during uncertain times, to reach this outcome,” he said.
“The success of this investment further vindicates our strategy in the education sector, where we have been developing significant capabilities.”
According to the statement, Haidar will continue to sit on the board of the publicly listed company.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021