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Morgan Stanley : GEMS Education picks banks for $5 billion London IPO - sources

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12/04/2017 | 02:27pm CET

GEMS Education's owners have chosen JP Morgan, Credit Suisse, Bank of America Merrill Lynch and Morgan Stanley (>> Morgan Stanley) to lead the private schools group's planned flotation, sources familiar with the matter said.

GEMS Education's owners have chosen JP Morgan, Credit Suisse, Bank of America Merrill Lynch and Morgan Stanley (>> Morgan Stanley) to lead the private schools group's planned flotation, sources familiar with the matter said.

GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5-$5 billion (£3.3-£3.7 billion), the sources said, in a London initial public offering (IPO) which is expected to take place in 2018.

Backed by Dubai-based Fajr Capital, Bahraini state investment fund Mumtalakat and investment firm Blackstone, GEMs said on Monday it had secured a $1.25 billion loan to refinance existing borrowings and support growth.

In the year ending Aug. 31, adjusted consolidated earnings before interest, tax, depreciation and amortisation were $261.6 million, up from $212.8 million in 2016, an auditors' report for GEMS MENASA in the Cayman Islands showed. Revenue rose to $926.2 million from $789.7 million in 2016.

Credit Suisse did not immediately respond to a request for comment, while the other banks chosen as joint global coordinators and GEMS declined to comment.

Separately on Monday, GEMS said it had invested more than $1 billion in its school network since the 2014 financial year.

(Reporting by Dasha Afanasieva; Additional reporting by Stanley Carvalho in Abu Dhabi; editing by Alexander Smith)

By Dasha Afanasieva

Stocks treated in this article : Morgan Stanley, Blackstone Group LP
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Financials ($)
Sales 2018 39 745 M
EBIT 2018 10 973 M
Net income 2018 7 872 M
Debt 2018 -
Yield 2018 1,97%
P/E ratio 2018 12,90
P/E ratio 2019 11,26
Capi. / Sales 2018 2,61x
Capi. / Sales 2019 2,49x
Capitalization 104 B
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Number of Analysts 28
Average target price 59,0 $
Spread / Average Target 2,9%
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Managers
NameTitle
James Patrick Gorman Chairman & Chief Executive Officer
Thomas Colm Kelleher President
Jonathan Pruzan Chief Financial Officer & Executive Vice President
Bjarne Stroustrup Managing Director-Technology
Katy L. Huberty Managing Director-Research
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