National Education issues prospectus for IPO on Tadawul

National Company for Learning & Education issued a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) after obtaining the approval of the Capital Market Authority (CMA) last May.

The company will float 13 million shares, or 30.23 percent of capital, while the issue price will be determined through the book-building process.

The retail offering will run from Oct. 22 to Oct. 28.

The IPO targets two tranches:

Institutional investors: Including all categories of investors entitled to participate in the book-building process. The company will offer 100 percent (13 million shares) of total offering size to institutional investors, subject to a scaleback to 90 percent (11.70 million shares).

Retail investors: Including Saudi and GCC individual investors. Up to 10% of the offering size (1.30 million shares) will be allocated to individuals.

Major Shareholders
Shareholder	Number of shares before IPO (mln share)	Stake %	Number of shares after IPO (mln share)	Stake %
Mohammed Ibrahim Al Khudair	21.12	70.39 %	21.12	49.11 %
Mohammed Ibrahim Al Khudair Charitable Org.	5.28	17.60 %	5.28	12.28 %
Others	3.60	12.01%	3.60	8.38 %
Public	--	--	13.00	30.23 %
Total	30.00	100 %	43.00	100 %

Company Profile
Company	National Co. for Learning & Education
Stock market	Saudi Stock Exchange Tadawul (TASI)
Company’s core Activities	Owning, establishing and managing the private schools for public education and investment in sports, entertainment and sports clubs for school students
Status	Active
Current Capital	SAR 300 mln
Company’s capital after IPO	SAR 430 mln

IPO Details
IPO Percentage	30.23%
Number of IPO shares	13 mln shares
IPO price per share	To be determined by book building process
Eligible investors	- Retail investors: with a maximum of 10% of IPO share (1.3 mln share) allocated to them. - Institutions: 100% of IPO shares are allocated to them and coud be reduced to 90%
IPO minimum for retail investors	10 shares
IPO minimum for institutions	100,000 shares
IPO maximum for retail investors	250,000 shares
IPO maximum for institutions	2.15 mln shares
IPO period for institutions & book building	11 days from Monday Oct. 1, 2018 until Thursday, Oct. 11, 2018
IPO period for retail investors	7 days from Monday Oct. 22, 2018 until Sunday, Oct. 28, 2018
Allotment and surplus repayment	Nov. 4, 2018
Additional Details
Lead manager & underwriter	Alinma Investment
Financial advisor & institutions IPO book	Al Dukhail Financial Group
Receiving banks	Alinma, Al Rajhi, NCB and Riyad

National Education reported a marginal rise year-on-year (YoY) in net profit to SAR 66.9 million (SAR 2.23 EPS) for the fiscal year that ended in August 2017.

Annual revenue rose 4 percent YoY to SAR 215.4 million.

Income Statement (SAR mln)
Period	August 2014	August 2015	August 2016	August 2017
Revenue	163.76	198.57	207.86	215.42
Net Profit	51.40	63.55	66.51	66.91
Average number of shares (mln share)	30	30	30	30
EPS (SAR/ share)	1.71	2.12	2.22	2.23

Balance Sheet (SAR mln)
Period	August 2014	August 2015	August 2016	August 2017
Assets	391.3	425.02	450.66	484.71
Short-term loans	5	2.76	3.25	12.34
Long-term loans	34	18.70	54.87	58.02
Total liabilities	113.3	124.5	127.7	145.6
Capital*	200	200	300	300
Shareholders’ equity	277.9	300.5	322.9	357.9

*The capital was raised through bonus shares.

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