Almasar Alshamil Education, a key provider of specialised education services in the GCC, has announced plans to launch an initial public offering (IPO) and list its shares on the Saudi Exchange (Tadawul). The Capital Market Authority (CMA) approved the company’s IPO application on September 29, 2025, enabling the company to offer 30.7 million shares, representing 30% of its share capital. The offering price will be set through a book-building process.
Prior to the IPO, Amanat Special Education and Care Holdings Ltd. is the sole shareholder of Almasar Alshamil Education and will sell its shares as part of the offering. The company will not receive any proceeds from the sale. The shares will be available to both institutional and individual investors, including Qualified Foreign Investors (QFIs), Foreign Strategic Investors (FSIs), GCC corporate investors, and other foreign participants through SWAP agreements with authorised capital market institutions.
IPO Structure and Investment Details
The IPO will be divided into two investor groups:
- Institutional Investors (Tranche A): These investors can subscribe for a minimum of 100,000 shares and a maximum of 5.1 million shares.
- Individual Investors (Tranche B): Available to Saudi and GCC nationals, residents, and other eligible investors, with a minimum subscription of 10 shares and a maximum of 250,000 shares.
SNB Capital has been appointed as the financial advisor, lead manager, and underwriter for the IPO, while EFG Hermes Saudi Arabia will act as the joint bookrunner for the institutional tranche.
Operations and Market Presence
Almasar Alshamil Education operates across various sectors including specialised education, rehabilitation, and higher education, with over 28,000 students and beneficiaries across Saudi Arabia and the UAE. In Saudi Arabia, it operates through Human Development Company (HDC) and Human Rehabilitation Company (HRC), making it the largest private provider of Special Needs Education and Care (SEC). The network includes 39 daycare centres, 14 schools, and three clinics, serving more than 7,950 beneficiaries.
In higher education, the company owns Middlesex University Dubai (MDX Dubai), which has 6,400 students across two campuses. Additionally, it holds a 35% stake in NEMA Holding, which operates five campuses with over 13,500 students. The company’s portfolio includes prominent institutions such as Abu Dhabi University and Liwa University, representing around 26% of the UAE’s private higher education market.
Strong Financial Performance and Growth
The company has shown impressive financial growth, with revenue rising from SAR 181 million in 2022 to SAR 437 million in 2024, reflecting a compound annual growth rate (CAGR) of 55%. EBITDA increased from SAR 96.7 million in 2022 to SAR 215.6 million in 2024, marking a CAGR of 49%. The company operates with a capex-light, scalable business model, which supports high cash flow generation and low leverage, positioning it well for future expansion.
Future Growth Strategy
Almasar Alshamil Education is focused on expanding its services across the region. This includes a SAR 115 million capital plan to expand daycare centres in Saudi Arabia, increasing enrolment at Middlesex University Dubai through new academic programmes and international recruitment, and launching 24-hour residential care centres for individuals with higher needs. The company is also exploring opportunities to establish new universities and K-12 schools across the GCC.
The company’s share capital totals SAR 1.024 billion, divided into 102.4 million shares with a nominal value of SAR 10 each. Dividend distribution will depend on the company’s financial performance, cash flow, and regulatory considerations. Any dividends will require board recommendation and approval from shareholders at the General Assembly.
Dr. Shamsheer Vayalil, Chairman of Almasar Alshamil Education, remarked that the IPO marks a significant milestone for the company, reflecting the increasing demand for inclusive and specialised education services across the GCC. Majed Al Mutairi, CEO of Almasar Alshamil Education, added that the IPO will enable the company to strengthen its capabilities, expand geographically, and make specialised education more accessible to underserved populations.
As the GCC’s education sector grows rapidly, driven by favourable demographics and government initiatives, Almasar Alshamil Education is well-positioned to capitalise on this expansion. Special education enrolments in Saudi Arabia are expected to increase from 87,000 students in 2023 to 131,000 by 2028, while higher education enrolments in the UAE are forecast to grow at a rate of 5.8% annually through 2028.
For more on the evolving education sector in the GCC, you can read about entrepreneurial expansion in the UAE or recent updates on the region’s growing real estate market.
