Taaleem CEO plans UAE schools expansion after $204m IPO

Taaleem

Taaleem, the first education company to be listed on the Dubai Financial Market (DFM), is planning to launch new premium school projects in the UAE “in the near future” following its successful initial public offering (IPO).

The company is also on a global search for the world’s best teachers as it announced net profit increased by 14.1 percent to $13.9 million in the three months to the end of November compared to the same period in the previous year.

In a filing on DFM, Alan Williamson, CEO of Taaleem, said: “The quarter has been one of strong progress with the company’s financial performance ahead of expectations.

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“With exciting new projects to be launched in the near future, we will further provide exceptional education establishments to serve the growing communities in Dubai and Abu Dhabi. 

“We are presently in a global search to add even more world-class teachers to our dedicated staff and have been delighted by the overwhelming response to our campaigns and the quality of interest in joining our community of educators.”

Khalid Al Tayer, chairman of Taaleem, added: “As the first education company to be listed on the DFM, the confidence in the company was reflected in the tremendous demand for shares with an oversubscription of 18 times. We warmly welcome the new shareholders and are excited for them to share our continuing story of growth. 

“Our strategic growth plan is right on track to deliver several exciting new projects in the next few years, further adding to the strength and reputation of our rapidly growing portfolio of globally recognised schools.”

Revenue for the quarter was $63.1 million, an increase of 32.4 percent, mainly as a result of organic growth across Taaleem’s portfolio as it continues to scale up.

The total number of enrolled students increased significantly, rising to 28,218 from 19,412 a year ago. This 45.4 percent growth includes a 27 percent increase in enrolments at Taaleem’s portfolio of premium schools and a 64.4 percent jump in the number of students enrolled at its government partnership schools.

The company said it remains well capitalised and has adequate liquidity even when the IPO proceeds are not considered.

In November Taaleem raised $204 million from its IPO, selling 254.2 million shares, or a 25.3 percent stake. The fundraiser attracted strong demand from local and international investors and was more than 18 times oversubscribed.