Almasar Alshamil Education, the Saudi Arabia-based parent company of Middlesex University Dubai, has officially moved forward with its initial public offering (IPO) plan. The company has set its share price range between SAR18.50 and SAR19.50, positioning the valuation of the business between SAR1.89 billion and SAR1.99 billion. The IPO will offer 30.7 million shares, representing 30% of its capital, with potential proceeds of up to SAR599 million.
IPO Timeline and Subscription Details
Institutional investors began placing bids on November 2, with the process running through November 6 at 2 p.m. (KSA time). Following this, the retail subscription window will open from November 18 to 20, allowing individual investors from Saudi Arabia and the GCC to participate. Almasar Alshamil plans to allocate 70% of the shares to institutional investors and 30% to retail investors, though this distribution will depend on demand. The final offer price will be determined after the institutional phase is completed.
Amanat Special Education and Care Holdings Ltd., the selling shareholder, will receive all proceeds from the IPO. Almasar Alshamil will not retain any funds from the sale.
Business Overview and Financial Growth
Almasar Alshamil operates a number of education institutions across the GCC, including Middlesex University Dubai. The company also holds a 35% stake in NEMA Holding, focusing on both higher education and special education sectors. The business has experienced significant growth in recent years. Revenue surged from SAR181 million in 2022 to SAR437.1 million in 2024, while EBITDA increased from SAR96.7 million to SAR215.6 million.
The IPO comes as part of Saudi Arabia’s active pipeline of public listings, with investors seeking exposure to the education sector. The country’s growing market liquidity and investor appetite for companies in the human-capital space make it an attractive destination for regional firms.
IPO Proceeds and Key Dates
Amanat Special Education and Care Holdings Ltd. will retain all proceeds from the IPO, with no funds directed to Almasar Alshamil itself. Final allocations for the IPO are set to be announced by November 26. Investors will receive any refunds for excess funds by December 2, 2025.
This offering adds to the strong flow of IPOs in Saudi Arabia, reflecting growing investor interest in education companies. With a growing focus on higher education and vocational training, Almasar Alshamil’s listing offers a glimpse into the country’s expanding education sector.
