Dubai school operator Taaleem Holdings has set the price range of its shares as part of its initial public offering that seeks to raise Dh750 million ($204m).
The company set the price range between Dh2.95 and Dh3.00 per share, implying a market capitalisation of between Dh2.96 billion and Dh3bn ($817m) at the time of listing.
The company is selling up to 254.2 million shares, or a 25.32 per cent stake, with 5 per cent reserved for the Emirates Investment Authority.
The IPO subscription period starts today and is expected to close on November 16 for UAE retail investors and eligible employees and parents, with subscriptions expected to close on November 17 for professional investors.
Taaleem is offering 10 per cent of its offering to retail investors, 88 per cent to professional investors and the remaining 2 per cent to eligible employees and parents.
The final offer price will be announced on November 18 and the shares of the company are expected to start trading on the Dubai Financial Market on November 29.
“We have seen strong interest in our IPO since announcing our intention to float," said Alan Williamson, chief executive of Taaleem.
"Taaleem has delivered a solid growth story for nearly 20 years ... proceeds from this IPO will help fund and accelerate the expansion of our K-12 premium schools network in the UAE and we will be even better positioned to provide greater access to our high-quality, aspirational education offering.”
Taaleem, formerly known as Beacon Education, was founded in Dubai in 2004. It currently operates 26 schools across the UAE offering British and American curriculums as well as the International Baccalaureate to more than 27,000 pupils.
Taaleem will use proceeds from the listing to fund plans for four new premium schools in Dubai and Abu Dhabi.
Taleem plans to pay a dividend of Dh67.5m relating to its financial performance during the year ended August 31, 2022. The dividend will be paid to shareholders before the closing date of the IPO.
The company intends to pay dividends “at least at the current levels” and to increase its dividends in line with future earnings growth.
EFG Hermes and Emirates NBD Capital have been appointed joint lead managers on the offering.
Taaleem's IPO is part of a wave of listings on UAE capital markets that have performed better than global stock markets, buoyed by increased liquidity from higher oil prices and strong investor demand.
On Wednesday, Emirates Central Cooling Systems Corporation (Empower), Dubai's district cooling provider, raised more than Dh2.6bn through its offering that was more than 47 times oversubscribed.
Dubai's plans to bolster the size of its capital markets, with plans to list 10 state-owned companies and boosting the size of the emirate's financial market to about Dh3 trillion.
The emirate is also aiming to set up a Dh2bn market maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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UAE currency: the story behind the money in your pockets
Ashes 2019 schedule
August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
UAE currency: the story behind the money in your pockets
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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