Qualified investors start subscription to 500,000 Horizon Educational shares on Nomu

Shares offered for subscription represent 20% of the post-IPO capital and 25% of the company’s shares before the capital hike. The company intends to increase its capital from SAR 20 million to SAR 25 million through offering 500,000 shares.

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The subscription period will run for seven days, until May 20.

This is the ninth IPO on Nomu during 2024, after Pan Gulf Marketing Co. (Jan. 10), WSM Information Technology Co. (Jan. 25), Al-Modawat Specialized Medical Co. (Jan. 28), Quara Finance Co. (Feb. 4), Al Mohafaza Co. for Education (Feb. 28), TAQAT Mineral Trading Co. (March 6), Qomel Co. (April 21), Mohammed Hadi Al-Rasheed Co. (April 28), and Yaqeen Capital Co. (May 5).

In December 2023, the company obtained the Capital Market Authority’s (CMA) approval for the offering.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own accounts, as well as clients of capital market institutions authorized to carry out management operations.

This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.

The categories include the Saudi government, any government or international entity approved by the CMA, the Saudi market, or any other financial market recognized by the CMA or the Securities Depository Center (Edaa).

They also include companies owned by the government, directly or through a portfolio managed by a person authorized to practice management operations. This is in addition to investment funds, companies, and funds established in the GCC countries.

In addition, the categories include any legal person entitled to open investment accounts inside the Kingdom and with Edaa.

Natural persons are allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria, including the below:

They should have executed transactions in the securities markets worth a minimum of SAR 40 million and at least 10 deals in each quarter during the past 12 months.

Natural persons should also have a net asset value of at least SAR 5 million and be working or have worked for at least three years in the financial sector.

Moreover, they should hold a general certificate in securities dealing, approved by the CMA, and a professional certificate in the field of securities business, approved by an internationally recognized body.

The list of qualified investors includes any other persons to be defined by the CMA.

Company Profile

Horizon Educational was established as a limited liability company in 2007 in Riyadh. It was converted into a closed joint-stock company in 2021.

The company's activities are represented in pre-school and kindergarten education as well as primary, middle, and secondary education for male and female students through Al-Woroud Educational Complex, in addition to other activities such as renting playgrounds, trips, nurseries, and international tests.

The activities of the company’s subsidiary, Bawabat Al-Ofoq for Operation and Maintenance Co., include cleaning services for government buildings, maintenance and operation of buildings and facilities, as well as maintenance services activities.