{"id":564533,"date":"2021-02-11T13:40:10","date_gmt":"2021-02-11T13:40:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/11\/taaleem-to-offer-49-of-its-shares-in-egx-debut\/"},"modified":"2021-02-11T13:40:10","modified_gmt":"2021-02-11T13:40:10","slug":"taaleem-to-offer-49-of-its-shares-in-egx-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/11\/taaleem-to-offer-49-of-its-shares-in-egx-debut\/","title":{"rendered":"Taaleem to offer 49% of its shares in EGX debut"},"content":{"rendered":"

<\/a> Taaleem Management Services<\/a><\/strong> is about to break our IPO drought <\/strong>after it announced overnight its intention to make an initial public offering of its shares on the EGX some time in 1Q2021.<\/p>\n

How big is the transaction? <\/strong>Some 49% of Taaleem will be up for grabs as Sphinx Obelisk, a special-purpose vehicle, offloads some 347.7 mn ordinary shares in a secondary sale, which will include offerings to both institutional investors in Egypt and abroad as well as retail investors here at home.<\/p>\n

Who\u2019s selling? <\/strong>Expect that CI Capital is among those selling down its position through Sphinx. We have previously reported that CI Capital, acting as a merchant bank for the first time, and a group of co-investors acquired a 60% stake in Taaleem<\/a> in 2019 from Thebes Education Management Holdings in an EGP 1.2 bn transaction. Co-investors at the time included StonePine ACE Fund<\/a>, a JV between StonePine Capital and ACE. Ahmed Badreldin\u2019s RMBV is also a shareholder, having partnered with Taaleem founder Seddik Afifi in 2015. Badreldin is also vice-chairman at Taaleem.<\/p>\n

What\u2019s a secondary sale? <\/strong>It means no new shares will be offered \u2014 this is existing shareholders offering part or all of their stakes to the public.<\/p>\n

What\u2019s Taaleem? <\/strong>It owns and operates Nahda University<\/a>, which has campuses in Beni Suef and Cairo and bills itself as the largest private university in Upper Egypt with nearly 6.3k students enrolled this academic year and capacity to nearly double that figure. Nahda offers programs including medicine, physiotherapy, pharmacy, dentistry, engineering and computer science, among others, and is one of just five private medical schools in Egypt. The company is now seeking regulatory approvals to build Badya University in partnership with Palm Hills<\/a> in West Cairo.<\/p>\n

Why does this matter? <\/strong>A couple of things: If successful, the transaction will break the IPO drought through which we\u2019ve suffered these past couple of years. There hasn\u2019t been an international-quality IPO in Egypt since 2019<\/strong> when Rameda and fintech darling Fawry went to market. They were the only two IPOs of the year after Hassan Allam and Carbon Holding pulled hotly anticipated transactions.<\/p>\n

And it\u2019s heartening to see another education company about to join CIRA on the <\/strong>exchange<\/strong> \u2014 for all the talk about healthcare, fintech and education being the \u201csectors of the future,\u201d dealflow on and off the exchange has been concentrated on the first two rather.<\/p>\n

How\u2019s Taaleem performing? <\/strong>The company has a three-year revenue CAGR of 28% and a three-year EBITDA CAGR of 37%, having posted revenues of EGP 450 mn in FY2019-2020. The company\u2019s EGP 144 mn bottom line that year was good for a 32% margin.<\/p>\n

Advisors: <\/strong>CI Capital is sole global coordinator and joint bookrunner while Renaissance Capital and First Abu Dhabi Bank are joint bookrunners. Matouk Bassiouny & Hennawy are domestic counsel to Taaleem and Norton Rose Fulbright are doing international duties. White & Case is local and international counsel to the joint bookrunners.<\/p>\n

Need more?<\/strong> Check out the company\u2019s ITF (pdf)<\/a> and press release (pdf)<\/a>.<\/p>\n

IN OTHER NEWS OF CI CAPITAL- <\/strong>The Financial Regulatory Authority (FRA) has given its seal of approval for Banque Misr to proceed with its MTO to raise its stake in CI Capital to up to 90% from the 24.7% it holds today. The MTO targets 653 mn shares at EGP 4.70 apiece (a small premium to its opening price this morning), which could give the transaction a potential value of EGP 3 bn. The FRA announced the details of the MTO in a statement to the EGX (pdf)<\/a> today. CICH shares closed up 0.9% today at EGP 4.55 apiece.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taaleem Management Services is about to break our IPO drought after it announced overnight its intention to make an initial public offering of its shares on the EGX some time in 1Q2021. How big is the transaction? Some 49% of Taaleem will be up for grabs as Sphinx Obelisk, a special-purpose vehicle, offloads some 347.7 […]<\/p>\n","protected":false},"author":1,"featured_media":564534,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10060],"tags":[136,402,73,633,78,4172,408],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ipo-watch","tag-ci-capital","tag-cira-education","tag-education","tag-enterprisepm","tag-ipo-watch","tag-rmbv","tag-taaleem","wpautop","entry"],"acf":{"mongo_id":"d960b7cc-4f8e-4111-8b2f-5bac2c4374a6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/439.jpg","photo_position":"above","related_issue":[564529],"teaser":"","voice_url":""},"yoast_head":"\nTaaleem to offer 49% of its shares in EGX debut - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/11\/taaleem-to-offer-49-of-its-shares-in-egx-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taaleem to offer 49% of its shares in EGX debut\" \/>\n<meta property=\"og:description\" content=\"Taaleem Management Services is about to break our IPO drought after it announced overnight its intention to make an initial public offering of its shares on the EGX some time in 1Q2021. 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The transaction will see about 49% of the company (or some 358 mn shares). The price would give the education outfit \u2014 which would be the\u2026","rel":"","context":"In "SPEED ROUND: IPO WATCH"","block_context":{"text":"SPEED ROUND: IPO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561324,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/retail-investors-have-big-appetite-for-taaleem\/","url_meta":{"origin":564533,"position":1},"title":"Retail investors have big appetite for Taaleem","author":"enterpriseam admin","date":"4 April 2021","format":false,"excerpt":"Retail investors poured into higher education management company Taaleem\u2019s IPO last week, leading the retail portion of the offering to close more than 29x oversubscribed on Thursday, bookrunner CI Capital announced, according to Al Mal. Retail investors placed bids for 525.6 mn shares by the close of play on Thursday,\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565414,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/taaleem-shares-pop-6-in-egx-debut\/","url_meta":{"origin":564533,"position":2},"title":"Taaleem shares pop 6% in EGX debut","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"Higher education outfit Taaleem saw its shares rise a bit over 6% in their first day of trading, closing at EGP 6.10 after opening at EGP 5.75. The company\u2019s sale of 49% of its shares in its EGX debut \u2014 under the ticker TALM \u2014 marks the first real IPO\u2026","rel":"","context":"In "SPEED ROUND: IPO WATCH"","block_context":{"text":"SPEED ROUND: IPO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561215,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/taaleem-prices-ipo-amid-strong-institutional-investor-appetite\/","url_meta":{"origin":564533,"position":3},"title":"Taaleem prices IPO amid strong institutional investor appetite","author":"enterpriseam admin","date":"30 March 2021","format":false,"excerpt":"CI Capital has priced the IPO of multi-brand higher education player Taaleem Management Services at EGP 5.75 per share, roughly the midpoint of the EGP 5.48-6.02 range announced in the prospectus last week amid strong investor demand. The offering to institutional shareholders was 2.34x oversubscribed, and pricing values the offering\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561149,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/28\/taaleem-appears-to-bump-up-guidance-on-price-range-for-ipo\/","url_meta":{"origin":564533,"position":4},"title":"Taaleem appears to bump up guidance on price range for IPO","author":"enterpriseam admin","date":"28 March 2021","format":false,"excerpt":"Taaleem Management Services will sell its shares at up to EGP 6.20 apiece in an initial public offering on the EGX after receiving Financial Regulatory Authority approval (pdf) on Thursday, the company said in a statement to the EGX (pdf). The company will offer up to 49% of its shares\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576434,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/24\/ci-capital-to-ipo-education-management-arm-taaleem-in-1q2021\/","url_meta":{"origin":564533,"position":5},"title":"CI Capital to IPO education management arm Taaleem in 1Q2021","author":"enterpriseam admin","date":"24 November 2020","format":false,"excerpt":"IPO WATCH- CI Capital is planning to list up to 40% of its education management arm Taaleem Consulting and Educational Services in an IPO in 1Q2021, Al Mal reports, citing sources with knowledge of the matter. The investment bank has already hired legal advisors for the listing and (very rightly)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/251.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564533"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564533\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564529"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564534"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564533"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564533"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}