Education management company Taaleem over-subscribed 29x in its IPO

Higher education management company Taaleem’s IPO last week has seen retail investors flocking to it, leading the retail portion of the offering to close more than 29x oversubscribed, bookrunner CI Capital announced.

Investors have placed orders for 525.616 million shares at a value of  5.75 Egyptian pounds  per share, the EGX said in a statement.

CI Capital Holding For Financial Investments owns a direct and indirect stake of about 16.5 percent in Taaleem stake and it has offered a 2.45 percent stake to retail investors with the rest being allocated to institutional players.

Appetite among institutional investors was also strong: The 340 mn-share private placement was 2.34x oversubscribed when it closed last week.

The EGX’s listing committee approved listing the shares of Taaleem Management Services with an issued capital of 730.250 million Egyptian pounds distributed over 730.250 million shares.

The Egyptian Financial Regulatory Authority (FRA) approved the publication of the IPO prospectus of Taaleem Management Services.

The prospectus included the sale of up to 357.822 million shares, or 49 percent of the company’s share capital, in the secondary market at a maximum price of  6.2 Egyptian pounds per share.

Shares are offered in two tranches as the company allocated 17.89 million shares or 5 percent of offered shares for natural persons in a public offering and 339.93 million shares or 95 percent of total offered shares for experienced institutional and retail investors with high financial solvency in a private placement.