{"id":561215,"date":"2021-03-30T04:21:11","date_gmt":"2021-03-30T04:21:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/taaleem-prices-ipo-amid-strong-institutional-investor-appetite\/"},"modified":"2021-03-30T04:21:11","modified_gmt":"2021-03-30T04:21:11","slug":"taaleem-prices-ipo-amid-strong-institutional-investor-appetite","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/taaleem-prices-ipo-amid-strong-institutional-investor-appetite\/","title":{"rendered":"Taaleem prices IPO amid strong institutional investor appetite"},"content":{"rendered":"

<\/a> CI Capital has priced the <\/strong>IPO<\/a><\/strong> of multi-brand higher education player <\/strong>Taaleem <\/strong>Manageme<\/strong>nt Services at EGP 5.75 per share<\/strong>, roughly the midpoint of the EGP 5.48-6.02 range<\/a> announced in the prospectus last week amid strong investor demand.<\/p>\n

The offering to institutional shareholders was 2.34x oversubscribed<\/strong>, and pricing values the offering at EGP 4.2 bn, Taaleem said in an announcement (pdf)<\/a>. Almost 340 mn shares are earmarked for institutional buyers, equivalent to a 46.55% stake in the company and roughly 95% of the 49% stake Taaleem is listing on the EGX.<\/p>\n

Taaleem\u2019s base of institutional investors will be nicely diversified <\/strong>by geography: \u201cIn spite of the significant headwinds facing the market recently, the institutional tranche of Taaleem\u2019s offering generated very strong interest from quality investors from the GCC, Europe, South Africa and Egypt, among others,\u201d CI Capital Investment Bank CEO Hesham Gohar told us. Gohar is also chairman of Taaleem. \u201cDemand was predominantly driven by institutional investors, which represent the vast majority of the order book. I look forward to a successful retail offering and to the first day of trading on the EGX on 7 April<\/strong>.\u201d<\/p>\n

Retail investors have until Thursday to bid for the 17.89 mn shares up for grabs in the public offering<\/strong>, which kicked off on Sunday<\/a>. A 2.4% stake in the company is being made available to retail traders, representing 5% of the shares being listed on the exchange. Subscribers should pay 25% of the shares they wish to purchase upfront to a licensed brokerage company, the company said.<\/p>\n

Who are the sellers? <\/strong>Taaleem hasn\u2019t identified who is offering how much in the secondary sale, in which the selling shareholder is an SPV named Sphinx Obelisk, but key players in building Taaleem included founder Seddik Afifi, Ahmed Badreldin\u2019s RMBV, and CI Capital.<\/p>\n

TAALEEM IN NUMBERS:<\/strong><\/p>\n