Almasar Alshamil Education sets IPO price range as Saudi listing nears

Dubai: Almasar Alshamil Education, the Saudi Arabia-based owner of Middlesex University Dubai, has moved ahead with its IPO plan by setting its offer price range and opening institutional book-building on the Saudi Exchange (Tadawul).

The company priced its shares between SAR18.50 and SAR19.50, valuing the business between SAR1.89 billion and SAR1.99 billion. The sale of 30.7 million ordinary shares, equal to 30% of its capital, could raise up to SAR599 million.

Institutional investors began placing bids on November 2, with the process running until November 6 at 2 p.m. (KSA time). The retail subscription window will follow from November 18 to 20, giving individual investors in Saudi Arabia and the GCC a chance to take part.

Almasar Alshamil plans to allocate 70% of the shares to institutional buyers and 30% to retail investors, depending on demand. The company will set the final offer price after completing the institutional phase.

Amanat Special Education and Care Holdings Ltd., the selling shareholder, will receive all IPO proceeds. Almasar Alshamil will not retain any funds from the transaction.

Almasar Alshamil runs education institutions across the GCC, including Middlesex University Dubai and a 35% stake in NEMA Holding. The group focuses on higher and special education and has reported rapid growth in recent years.

Revenue climbed from SAR181 million in 2022 to SAR437.1 million in 2024, while EBITDA rose from SAR96.7 million to SAR215.6 million.

The planned listing adds to Saudi Arabia’s active IPO pipeline, as investors seek exposure to the education and human-capital sectors. The country continues to attract regional companies looking to tap strong market liquidity and investor demand.

Final allocations are due by November 26, and refunds of any excess funds will be issued by December 2, 2025.