Shareholders on Monday approved the conversion of Taaleem from a private joint stock company into a public entity through the IPO, according to an advertisement in Gulf News. A book-building process will follow.
Even as share sales globally plummeted from their record levels of last year, the oil-rich Gulf has been in the midst of an unprecedented IPO boom as high oil prices and equity inflows buoyed local markets. However, concerns that the economy is slowing because of aggressive monetary policy tightening have weighed on both crude and regional indexes.
Taaleem, which offers British and American curricula as well as the International Baccalaureate, has picked EFG-Hermes and Emirates NBD Bank to lead the IPO, Bloomberg reported in April.
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