The London listing was delayed after authorities in Dubai decided to freeze tuition fees as the company’s financial forecasts had to be adjusted.
The initial public offering (IPO) of Middle East-focused education company GEMS has been shelved, reported Reuters.
GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5 billion to $5 billion, which would have made it the biggest IPO in London since July 2017 in terms of market capitalisation.
A private equity firm CVC had expressed an interest in acquiring GEMS, but it was not clear whether the parties were still in talks
In the six months to Feb 2018, GEMS posted a $602.6 million increase in revenue from $550.4 million in the previous year.