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

Reuters  |  LONDON 

By Dasha Afanasieva

(Reuters) - Education's owners have chosen JP Morgan, Credit Suisse and of America Merrill Lynch to lead the international private schools group's initial public offering (IPO), two 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 in a 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, 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 16:22 IST