Amanat Holding’s Riyadh-based education arm Almasar Education priced its Tadawul IPO at SAR 19.50 per share, at 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.

REFRESHER- Amanat will sell 30% of its shares in its education unit — or 30.7 mn shares — through a secondary offering, and retain a 70% stake post-listing. The remaining shares will be subject to a six-month lock-up.

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

REMEMBER- Smaller issuers are still braving the Kingdom’s muted IPO climate despite many companies trading below their offer price. The listings’ success will hinge upon pricing discipline moving forward as investors grow more selective — though interest remains in long-term fundamentals as opposed to “first-day pops,” analysts have said.

ADVISORS- Our friends at EFG Hermes co-managed bookbuilding alongside SNB Capital, who is quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker McKenzie 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.

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