Amanat Holdings has launched the Tadawul IPO of its subsidiary Almasar Alshamil Education having received CMA approval for the spin-off in September.

The Dubai-listed parent is offering 30.7m shares for a 30% free-float.

According to the group its special educational needs unit Human Development Company held a 10.4% market share among private sector providers in Saudi Arabia as of 2023. 

The company has said it may distribute a dividend in the future depending on financial performance but is chiefly being marketed as a growth story, highlighting a revenue CAGR of 55% from 2022 to 2024 to SR437.1m whilst Ebitda saw a 49% CAGR to SR215.6m in the same time period.

For the first half of 2025, Ebitda was SR137.2m off revenue of SR288.1m.

Company presentations have previously listed Dubai-based Taaleem and Saudi businesses Ataa Educational Company and National Company for Learning and Education as peers with these names trading between 13.8–27 times EV/Ebitda and 31.2–37 times P/E.

Subscription runs from November 2–6 with pricing announced on November 11. A retail offer of up to 20% will follow from November 18–20.

Final allocations will be announced by November 26 with refunds of excess subscriptions by December 2.

Expenses of the offering are expected at SR38m.

SNB Capital is leading the deal as financial adviser with joint bookrunner EFG Hermes.

Source: IFR