Ataa's IPO to drive future expansions, says CEO

Ataa Educational Co.'s initial public offering (IPO) will help the firm maintain its strategy and expansions going forward, CEO Ibrahim Abdulkarim Al-Turki said in a statement on Wednesday.

"The company had a strong track record over the last decades, driven by its expansion plans that mainly rely on mergers and acquisitions of existing educational campuses and the development of new ones," Al-Turki noted.

Ataa acquired a chain of educational buildings, including Middle East International School, Sulaymaniyah International Schools, Al-Orouba International Schools, and Al-Fikr National Schools, where it enhanced the quality of educational services.

Accordingly, the educational services provider saw an increase in enrollments and profitability.

“Ataa has solid experience in developing new educational complexes and selecting the best locations that target demand and capitalize on efficient utilization of financial resources,” Al-Turki said.

Read: Ataa Educational obtains regulatory approval for IPO

“Ataa is running 13 educational campuses and offers various educational services, including the American, British, Indian, French and Egyptian curricula to private, international and Saudi schools,” he added.

The company's campuses have almost 1,640 classes with 26,744 students and 2,180 teachers.

Ataa recorded revenue of SAR 325 million and net profit of SAR 82 million for the fiscal year ending July 31, 2018.

The company has issued today a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), Argaam reported.

It will float 12 million shares, or 30 percent of capital, while the issue price will be determined later on.