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EFG Hermes concludes Taaleem’s IPO at $240m

EFG Hermes concludes Taaleem’s IPO at $240m
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EFG Hermes
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Cairo - Mubasher: Egyptian Financial Group Hermes Holding’s (EFG Hermes) investment banking division closed advisory as joint arranger and global coordinator on Taaleem Holdings’ initial public offering (IPO) at $240 million.

The UAE-based firm began trading on Dubai Financial Market (DFM) on 29 November 2022 under the ticker TAALEEM, implying a market cap of AED 3 billion, according to a press release.

Taaleem listed 250 million ordinary shares, equivalent to 25% of its share capital, at a price of AED 3 per share. The offering was oversubscribed 18 times after registering powerful demand from both retail and institutional investors alike at an amount of AED 13.70 billion.

Mohamed Fahmi, Co-Head of EFG Hermes Investment Banking, said: "Over $10 billion has been raised in the UAE listings this year, with the government issuing stake sales in numerous state entities to transform into a diversified economy and attract global investor demand, particularly in a market where investors prioritise yield over growth.”

Fahmi added: “Our unparalleled track record allowed us to create strong allocable demand from global institutional investors looking to capitalise on Taaleem’s attractive investment proposition and mobilise capital for social impact and overall development of the vital education sector."

He highlighted: “In 2022, EFG Hermes investment banking led on some of the largest ECM deals in the GCC, closing nine transactions worth $10.90 billion.”

“In November alone, the team advised on the successful $724 million IPO of Emirates Central Cooling Systems Corporation (Empower) on the DFM. It also closed on the $60.60 million listing of The Pearl Real Estate Investment Fund — the MSX’s largest transaction in the last seven years,” the Co-Head noted.

During the 12-month period which ended on 31 August 2022, Taaleem generated AED 82.92 million net profits, a growth from AED 78.27 million in the year-ago period.

Revenues widened to AED 623.33 million as registered on 31 August this year from AED 526.83 million during the same period in 2021, whereas the basic and diluted earnings per share (EPS) attributable to shareholders rose to AED 0.11 from AED 0.10.

Last September, EFG Hermes completed the IPO of Salik Company, implying gross proceeds surpassing AED 3.70 billion and a market cap valued at AED 15 billion.

In the first nine months (9M) of 2022, the EGX-listed firm posted consolidated net profits after tax worth EGP 1.31 billion million, higher than EGP 1.12 billion in 9M-21.