Today’s Trading Playbook
KEY THEMES
Marking the first IPO in 2021 and the first in 13 months to be listed on EGX, Taaleem Management Services [TALM] will go public with a target free float of 49%. The last IPO that the EGX has seen was Emerald for Real Estate Investments [EMRI] which went public in February 2020. This week, public subscription to TALM’s EGP2.2bn IPO is open for Egypt retail investors who can only have as much as 5% or EGP110mn (based on the IPO’s maximum price of EGP6.20/share). TALM is yet another addition to the education sector on the EGX, along with two main competitors: Cairo for Investment & Real Estate Development [CIRA] and Suez Canal for Technology Settlement [SCTS]. However, in terms of trading liquidity, CIRA is more liquid than SCTS, making it more comparable to TALM. For more info about TALM and where it stands in terms of valuation multiples vis-à-vis regional peers and CIRA, please read our pre-IPO note just published yesterday.
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