Dubai School Operator Taaleem Plunges in Trading Debut
- Taaleem IPO is rare private-sector listing in the UAE
- UAE plans more IPOs, including unit of state-run Adnoc
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Dubai private school operator Taaleem Holdings plunged in its trading debut, a rare first day drop for Middle Eastern initial public offerings.
The shares sank as much as 13% to 2.62 dirhams ($0.71), valuing the company at 2.8 billion dirhams. Taaleem had sold shares at 3 dirhams apiece, raising $204 million. The company drew $3.7 billion in investor orders and priced the offering at the top of a marketed range.