The City School, one of Pakistan’s largest education groups is going public, as it considers listing its shares on the country’s stock exchange.
This will be the first time for an educational institute to list its shares on the PSX.
According to local media reports, the school chain plans to raise around $40 million, which will be use for purchasing real estate and land for building campuses and expanding existing ones. Reports added that the school is considering private placement and then a listing, with plans to be finalized in eight weeks.
“A good 60 percent of our students aren’t in purpose built campuses, that’s why we’re here, what we want to do is consolidate our schools and that means real estate, buying land, making campuses. You owe it to the children to institutionalize the set-up”, said CEO and founder of City Schools Farzana Firoz.
The City School is one of the largest private school networks in Pakistan with 195 schools in 54 cities, having branches in all the major cities across the country. The educational institute has over 60,000 students and 8000 employees, as per The City School.
“The payback is already built in with the student numbers being there, the bankers are also happy to see feasibility like that and it also gives us a certain comfort level as well,” added Farzana .