National Company for Learning & Education issued a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) after obtaining the approval of the Capital Market Authority (CMA) last May.
The company will float 13 million shares, or 30.23 percent of capital, while the issue price will be determined through the book-building process.
The retail offering will run from Oct. 22 to Oct. 28.
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.
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Major Shareholders |
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Shareholder |
Number of shares before IPO (mln share) |
Stake % |
Number of shares after IPO (mln share) |
Stake % |
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Mohammed Ibrahim Al Khudair |
21.12 |
70.39 % |
21.12 |
49.11 % |
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Mohammed Ibrahim Al Khudair Charitable Org. |
5.28 |
17.60 % |
5.28 |
12.28 % |
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Others |
3.60 |
12.01% |
3.60 |
8.38 % |
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Public |
-- |
-- |
13.00 |
30.23 % |
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Total |
30.00 |
100 % |
43.00 |
100 % |
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Company Profile |
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Company |
National Co. for Learning & Education |
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Stock market |
Saudi Stock Exchange Tadawul (TASI) |
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Company’s core Activities |
Owning, establishing and managing the private schools for public education and investment in sports, entertainment and sports clubs for school students |
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Status |
Active |
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Current Capital |
SAR 300 mln |
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Company’s capital after IPO |
SAR 430 mln |
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IPO Details |
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IPO Percentage |
30.23% |
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Number of IPO shares |
13 mln shares |
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IPO price per share |
To be determined by book building process |
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Eligible investors |
- Retail investors: with a maximum of 10% of IPO share (1.3 mln share) allocated to them. - Institutions: 100% of IPO shares are allocated to them and coud be reduced to 90% |
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IPO minimum for retail investors |
10 shares |
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IPO minimum for institutions |
100,000 shares |
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IPO maximum for retail investors |
250,000 shares |
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IPO maximum for institutions |
2.15 mln shares |
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IPO period for institutions & book building |
11 days from Monday Oct. 1, 2018 until Thursday, Oct. 11, 2018 |
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IPO period for retail investors |
7 days from Monday Oct. 22, 2018 until Sunday, Oct. 28, 2018 |
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Allotment and surplus repayment |
Nov. 4, 2018 |
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Additional Details |
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Lead manager & underwriter |
Alinma Investment |
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Financial advisor & institutions IPO book |
Al Dukhail Financial Group |
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Receiving banks |
Alinma, Al Rajhi, NCB and Riyad |
National Education reported a marginal rise year-on-year (YoY) in net profit to SAR 66.9 million (SAR 2.23 EPS) for the fiscal year that ended in August 2017.
Annual revenue rose 4 percent YoY to SAR 215.4 million.
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Income Statement (SAR mln) |
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Period |
August 2014 |
August 2015 |
August 2016 |
August 2017 |
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Revenue |
163.76 |
198.57 |
207.86 |
215.42 |
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Net Profit |
51.40 |
63.55 |
66.51 |
66.91 |
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Average number of shares (mln share) |
30 |
30 |
30 |
30 |
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EPS (SAR/ share) |
1.71 |
2.12 |
2.22 |
2.23 |
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Balance Sheet (SAR mln) |
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Period |
August 2014 |
August 2015 |
August 2016 |
August 2017 |
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Assets |
391.3 |
425.02 |
450.66 |
484.71 |
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Short-term loans |
5 |
2.76 |
3.25 |
12.34 |
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Long-term loans |
34 |
18.70 |
54.87 |
58.02 |
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Total liabilities |
113.3 |
124.5 |
127.7 |
145.6 |
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Capital* |
200 |
200 |
300 |
300 |
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Shareholders’ equity |
277.9 |
300.5 |
322.9 |
357.9 |
*The capital was raised through bonus shares.
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