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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 CEST

LONDON (Reuters) - 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.

LONDON (Reuters) - 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
Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE GROUP LP -0.87% 34.35 Delayed Quote.9.78%
MORGAN STANLEY -2.82% 45.11 Delayed Quote.-17.15%
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Financials ($)
Sales 2018 41 348 M
EBIT 2018 11 659 M
Net income 2018 8 626 M
Debt 2018 -
Yield 2018 2,38%
P/E ratio 2018 9,40
P/E ratio 2019 8,89
Capi. / Sales 2018 1,96x
Capi. / Sales 2019 1,91x
Capitalization 80 993 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 58,0 $
Spread / Average Target 25%
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Managers
NameTitle
James Patrick Gorman Chairman & Chief Executive Officer
Thomas Colm Kelleher President
Jonathan M. Pruzan Chief Financial Officer & Executive Vice President
Bjarne Stroustrup Managing Director-Technology
Katy L. Huberty Managing Director-Research
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