TASI: Retail subscription to 9.22M Almasar Alshamil shares starts today

The retail tranche of Almasar Alshamil IPO will run for three days until Nov. 20, 2025

Retail investors can start subscribing to 9.22 million shares of Almasar Alshamil Education Co. on the Main Market (TASI) at SAR 19.50 each – the price determined through the book-building process.

The retail offering will run for three days until Nov. 20.

The retail tranche represents 30% of the total shares on offer.

Eligible retail subscribers include all natural Saudi persons, including Saudi women who are divorced or widowed with minor children from a non-Saudi husband, as well as any natural non-Saudi resident or citizens of GCC countries who have a bank account with one of the receiving entities and an active investment portfolio with one of the market institutions affiliated with the receiving entity.

In September, the Capital Market Authority (CMA) approved the company’s application to float 30.72 million shares on TASI, representing 30% of its SAR 1.02 billion capital, divided into 102.40 million shares at a par value of SAR 10 each.

The company’s institutional offering, which ended last week, was 102.9x covered.

This is the 11th IPO on TASI this year after Derayah Financial Co. on Feb. 20, Arabian Company for Agricultural & Industrial Investments (Entaj) on Feb. 26, and Umm Al Qura for Development and Construction Co. (Masar) on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas Co. on June 18, Specialized Medical Co. (SMC) on June 25, Sport Clubs Co. on July 8, Dar Al Majed Real Estate Co. (Al Majdiah) on Aug. 14, Marketing Home Group for Trading Co. on Augut 19, and Cherry Trading Co. on Nov. 12.

Tadawul witnessed 14 IPOs last year, following listings by  Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. (Tasheel) on Nov. 19,  Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24.

Company Profile

Almasar Alshamil Education Co. was established in October 2022 in Riyadh as Amanat Special Education & Care Investment Co., a limited liability company. In September 2024, it was converted into a single-person closed joint stock company and renamed Almasar Alshamil.

The company’s main business activity is managing its subsidiaries, and the group’s core activities include investment activities, private education services, daycare center services, higher education activities, and institutional training and institute activities.

The group provides services in the education, care, and rehabilitation sector for people with disabilities, through daycare centers, private schools, and psychological therapy clinics in Saudi Arabia, and in the higher education sector through several private universities in the UAE.

The group’s operations are divided into the following main segments:

Higher Education: Undergraduate and postgraduate programs provided through Middlesex University Dubai and NEMA Holding, in addition to vocational and corporate training mainly delivered by NEMA.

Education and Care for People with Disabilities: Daycare centers, owned schools and partnered private schools, early intervention services, and clinics offering supportive therapies for individuals served in the disability education sector, through Human Development Company (HDC) and Human Rehabilitation Company (HRC).

The group serves more than 28,000 students and beneficiaries, operating through 39 disability education and care centers, 14 schools for disability education and care, three universities (with seven educational campuses) and three clinics.

HDC was the largest and most prominent player in Saudi Arabia’s disability education and care services market in 2023. The company alone accounts for 5.8% of the total number of enrolled students with disabilities, outpacing its nearest competitor, Education Development Holding, which accounts for only 1.2%.

Subsidiaries:

Almasar Alshamil Co. owns 17 subsidiaries, including two based in Saudi Arabia, namely HDC and HRC, while the remaining companies are based in the UAE, with a total of 59 branches across both countries.

Company Revenues

The company recorded revenues of SAR 437.1 million in 2024, compared to SAR 342.6 million in 2023, a growth of about 28%.

Middlesex University Dubai generated the largest share of revenues, with SAR 221.8 million (about 51% of total group revenues). The education, care, and rehabilitation services for people with disabilities segment generated SAR 215.3 million (about 49% of total revenues).