Al Dukheil to launch book building for National Learning & Education IPO on Saudi main market

Al Dukheil Financial Group, the financial advisor and lead manager of the initial public offering (IPO) for National Company for Learning & Education (NCLE), will launch a book building process on Monday, Oct. 1 for its IPO on the Saudi Stock Exchange (Tadawul).

The book-building process will run until Oct. 11, the company said in a bourse filing.

The Riyadh-based school operator will float 13 million shares, or 30.23 percent of capital, while the issue price will range between SAR 14-19 a share.

In May, the Capital Market Authority (CMA) approved the company’s request to offer 13 million shares in a public offering. 

The IPO targets two tranches:

Institutional investors: Including all categories of investors entitled to participate in the book-building process. The company will offer 100 percent (13 million shares) of total offering size to institutional investors, subject to a scaleback to 90 percent (11.70 million shares).

Retail investors: Including Saudi and GCC individual investors. Up to 10% of the offering size (1.30 million shares) will be allocated to individuals.