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GEMS picks JP Morgan, Credit Suisse and Bank of America for $5 billion IPO - sources
December 4, 2017 / 10:54 AM / in 14 days

GEMS picks JP Morgan, Credit Suisse and Bank of America for $5 billion IPO - sources

LONDON (Reuters) - GEMS Education’s owners have chosen JP Morgan, Credit Suisse and Bank of America Merrill Lynch to lead the international private schools group’s initial public offering (IPO), two sources familiar with the matter said.

People chat at a cafe hosted by JP Morgan at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/Files

GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5-$5 billion in a London listing which is expected to take place in 2018, the sources said.

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.

JP Morgan declined to comment, while the other banks chosen as joint global coordinators did not immediately respond to requests for comment.

Reporting by Dasha Afanasieva; editing by Alexander Smith

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