Ataa Educational Co. started to offer today a total of 1.2 million shares, or 10 percent of the offering size, to retail investors at an issue price of SAR 29 per share.
This is Tadawul’s fourth initial public offering (IPO) in 2019 after Al Moammar Information Systems Company, Maharah Human Resource Company, and Arabian Centers Company.
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 retail offering runs for five days ending July 18.
The institutional offering ended on July 8 and was oversubscribed by 202 percent.
About the company:
The leading educational firm was established in 1992 upon opening in Riyadh the Alrowad Public Schools owned by Abdullah bin Ibrahim al-Khalaf. In 2022, the school was then named Alrowad Public Schools, followed by several acquisitions. In 2012 the company was rebranded Ataa Educational.
Ataa’s capital amounts to SAR 400 million, with 40million shares at SAR 10 per share.
The company’s activities include the following:
1) Establishing, owning, managing, and operating private and international schools, as well as colleges and universities in Saudi Arabia and abroad.
2) Establishing, managing and maintaining training centers.
3) Purchasing, developing and managing existing schools, and educational and training facilities.
4) Owning and managing vocational training centers.
5) Establishing, owning and managing schools for special education.
The company's total complex areas reach about 199,000 square meters, with a student capacity of 35,600 students and a 10 percent market share in Riyadh, as of 2017.
The company intends to increase its market share by promoting its existing schools, and by increasing the overall capacity through mergers and acquisitions, as well as future development of its educational complexes.
|
Company’s Profile |
|
|
Company |
Ataa Educational Co. |
|
Market |
TASI |
|
Main activities |
Establishing, owning and operating national and international schools |
|
Status |
Active |
|
Capital |
SAR 400 mln |
|
IPO Summary |
|
|
Issue size |
30% |
|
Number of shares offered for retail investors |
A maximum of 1.2 mln ordinary shares representing 10% of IPO shares |
|
IPO Price |
SAR 29/ share |
|
IPO size for retail investors |
SAR 34.8 mln |
|
Qualified subscribers |
Saudis and GCC retail investors |
|
IPO minimum for retail investors |
10 shares |
|
IPO maximum for retail investors |
250,000 shares |
|
IPO period for retail investors |
From Sunday July 14 until Thursday July 18 |
|
Allotment date |
July 25, 2019 |
|
Surplus refund |
July 25, 2019 |
|
Additional Information |
|
|
Financial advisor, lead manager, underwriter |
HSBC |
|
Receiving banks |
NCB, Al Rajhi, SABB, Aljazira |
The National Advanced Ebdaa Trading Company is Ataa’s major shareholder, owning 26.6 percent after the offering.
|
Major Shareholders |
||
|
Shareholder |
Number of shares before IPO (mln) |
Stake % |
|
National Advanced Ebdaa Trading Co. |
10.64 |
26.60% |
|
RZM Investment Co. |
7.96 |
19.89% |
|
Ahmed bin Nasser Al Mutab |
6.05 |
15.12% |
|
Others* |
3.35 |
8.37% |
|
Public |
12.00 |
30.00% |
|
Total |
40.00 |
100.00% |
*Each owns less than 5%.
The following table shows Tadawul’s IPOs in the last five years:
|
Recent IPOs |
|||
|
Company |
IPO price (SAR) |
Number of shares for retail investors (mln share) |
Coverage ratio % (retail) |
|
2019 |
|||
|
Maharah |
69 |
1.13 |
230 % |
|
Arabian Centres |
26 |
9.50 |
-- |
|
Al Moammar |
45 |
0.71 |
149 % |
|
2018 |
|||
|
National Learning |
19 |
1.30 |
327 % |
|
Leejam |
52 |
1.57 |
245 % |
|
2017 |
|||
|
Al Waha |
51 |
0.9 |
263 % |
|
2016 |
|||
|
L’Azurde |
37 |
3.87 |
293 % |
|
Al Yamamah Steel |
36 |
4.57 |
479 % |
|
Saudi German Hospital |
64 |
8.28 |
274 % |
|
2015 |
|||
|
Alandalus |
18 |
8.40 |
464 % |
|
SGS |
50 |
22.60 |
339 % |
|
SACO |
70 |
2.88 |
620 % |
|
MEPCO |
30 |
6.00 |
473 % |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}