Almasar Education priced its Tadawul IPO at SAR 19.50 per share, the top end of its marketed price range, according to a press release (pdf). The institutional tranche of the IPO closed 102.9x oversubscribed, drawing heavy institutional demand with orders totaling SAR 61.6 bn.

The final offer price will see the company raise about SAR 599 mn, valuing it at roughly SAR 2 bn at listing, a touch below earlier market chatter as the firm joins the handful of smaller issuers braving the Kingdom’s muted IPO climate.

REFRESHER- Almasar, formerly Amanat Education, is floating 30% of its shares, or 30.7 mn shares, through a secondary offering. The sale will see Dubai-based Amanat Holdings, the company’s sole shareholder, retain a 70% stake post-listing. The remaining shares will be subject to a six-month lock-up, locking in Amanat’s control as it looks to realize gains from its flagship education unit.

Retail investors are up next: Individual buyers will be able to apply for up to 250k shares each at the final offer price between 18-20 November. Final allocations will take place on Wednesday, 26 November.

ADVISORS- Our friends at EFG Hermes managed bookbuilding alongside SNB Capital. SNB Capital is also quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker Mackenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

Tags: