Ataa Educational retail offering starts tomorrow

Ataa Educational Co. will offer the total of 1.2 million shares, or 10 percent of the offering size, to retail investors starting from Sunday, July 14 until July 18.

The firm has set the issue price for its initial public offering (IPO) at SAR 29 per share.

Receiving banks have completed all preparations for the retail offering, financial advisor and lead manager HSBC Saudi Arabia said in a statement.

The leading educational firm has been operating schools in Riyadh since 1989 and currently runs 13 educational campuses.

Focusing on enhancing the quality of educational process and services provided for students, Ataa seeks to become one of the major contributors to the local education sector in line with the National Transformation Program (NTP) 2020 and Saudi Vision 2030.

The company had earlier obtained the approval of the Capital Market Authority (CMA) to offer 12 million shares, representing 30 percent of its share capital, Argaam reported.

The prospectus can be found on the websites of the company, lead manager and CMA.