Private school operator Taaleem has chosen EFG Hermes and Emirates NBD to lead a planned initial public offering in Dubai, according to people familiar with the matter.
The people said the listing could be as soon as possible in the last quarter of this year, and asked not to be identified because the information is not public. They noted that preparations for the initial public offering were continuing and that details such as timing could change.
Representatives from Emirates NBD and EFG-Hermes declined to comment. There was no immediate response to a request for comment sent via Taaleem’s website.
Dubai has begun an ambitious program to breathe life into the stock market and boost trading volumes by listing 10 state-owned companies. The public utility company Dubai Electricity and Water Authority’s $6.1 billion initial public offering earlier this month was the first sale of those shares, and its success has fueled expectations that more companies will seek to build on the momentum.
Although market volatility from Russia’s invasion of Ukraine and monetary tightening curbed listing activity in most regions, the energy-rich Persian Gulf bucked this trend, buoyed by rising oil prices and inflows of foreign investors.
Taaleem’s offering will be a rare initial public offering for the emirate’s private sector, which will hopefully attract private and family businesses to go public as well. Dubai missed out on the IPO boom that swept Abu Dhabi and Saudi Arabia last year, and before the Dubai Electricity and Water Authority, Dubai had only seen one listing worth $95 million since 2017.
Taaleem operates 17 schools across the UAE, offering British and American curricula as well as the International Baccalaureate, according to its website. The company also has 18,900 students in early childhood, primary and secondary education.