Sunny Varkey led GEMS Education on Expansion Spree, May Delay IPO | CORPORATE ETHOS

Sunny Varkey led GEMS Education on Expansion Spree, May Delay IPO

By: | June 13, 2018
GEMS Education

Jun 13: GEMS Education, the UAE based global educational group would be opening four new schools in UAE for the academic year 2018-19. They are GEMS Vertus School and GEMS Foundres School-Mizhar in Dubai, International Curriculum School in Al Reem Island Abu Dhabi and India Curriculum GEMS School in Sharjah.

GEMS Education is owned by Indian born billionaire Sunny Varkey, Blackstone, Fajr Capital Ltd and Bahrain’s Mumtalakat Holding Co. The company has plans to list in London Stock Exchange this year to raise $5 bn, However, Bloomberg reported that it may delay the IPO as local government in UAE is likely to freeze school fees which may have impact on its earnings projections. Hence the closely held company may decide to postpone the IPO or go for private equity placements.

GEMS, one of the world’s biggest education providers, owns and operates 47 schools and nurseries in the United Arab Emirates, Qatar and Saudi Arabia. Egypt’s EFG-Hermes Holding SAE plans to invest in local kindergartens and schools with the company, the bank’s head of asset management and private equity, Karim Moussa, said last month.

GEMS Education was set up by parents of Sunny Varkey who had migrated to Dubai in 1959 as school teachers. Later on Sunny Varkey’s vision enabled the company to become the world’s largest operator of K-12 schools. It has 250 schools world wide. Sunny Varkey’s assets are valued at US $2.7 bn , according to Forbes magazine.