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Almasar Alshamil Education, a leading provider of specialized education in the GCC, has announced its intention to proceed with an initial public offering and the listing of its ordinary shares on the main market of 黑料社区鈥檚 Tadawul.
On Sept. 29, the Capital Market Authority announced its approval of the company鈥檚 application for registering its share capital, and the offering of 30,720,400 shares, representing 30 percent of the company鈥檚 share capital. The offering price will be determined at the end of a book building process. Amanat Special Education and Care Holdings Ltd. is the company鈥檚 sole shareholder prior to the IPO. The offer shares will be sold by the selling shareholder as part of the offering.
The company has appointed SNB Capital as its financial adviser, lead manager, and underwriter in connection with the offering. SNB Capital and EFG Hermes 黑料社区 are also appointed as joint bookrunners for the institutional tranche.
Almasar Alshamil Education provides services to the special needs education, care and rehabilitation sectors, and higher education sector through a number of private universities.
The group鈥檚 special needs business is operated in the Kingdom through Human Development Company and HDC鈥檚 subsidiary Human Rehabilitation Company, which together are the largest private providers of special needs education and care for children with disabilities. In total, they operate 39 daycare centers, 14 private schools and three clinics with more than 7,950 beneficiaries.
In the higher education sector, it operates through Middlesex University Dubai, which currently has an enrollment of more than 6,400 students across two campuses, and NEMA Holding Company, in which it effectively holds a 35 percent interest, and which primarily operates in the higher education sector serving over 13,500 students across five campuses.
The special needs education, care and rehabilitation sectors and higher education sector are high-growth and underserved education sectors, benefiting from positive structural trends, underpinned by favorable demographics and closely aligned to national strategies. The group鈥檚 unique capabilities and unified approach enable it to manage multiple scalable and capex-light businesses within the education sector under a single cohesive strategy that aims to achieve above-market growth rates whilst fostering social inclusivity and contributing to the broader development of human capital in the region.
The group has a strong financial profile with revenue growing from SR181 million ($48.2 million) in 2022 to SR437.1 million in 2024, a CAGR of 55 percent, with underlying growth significantly outpacing overall sector growth. The EBITDA increased to SR215.6 million in 2024, from SR96.7 million in 2022, implying a CAGR of 49 percent.
Dr. Shamsheer Vayalil, chairman of Almasar Alshamil Education, said: 鈥淭oday marks a major milestone in Almasar Alshamil Education鈥檚 journey to expand access to high-quality, specialized education across the region. Our intention to list a 30 percent stake on the Saudi Exchange reflects the growing strength of our business and the strong demand for inclusive and specialized education services across the GCC. As the largest provider of special education needs in 黑料社区 and a leading operator in higher education in the UAE, this next chapter will enable us to accelerate our contribution to national development in the region whilst continuing to enhance the lives of future generations and positively influence the communities in which we operate. The IPO is also a testament to our confidence in the long-term prospects of Almasar Alshamil Education, enabling us to broaden our impact and continue investing in the development of skilled and future-ready human capital across the region.鈥�
Majed Al-Mutairi, CEO of Almasar Alshamil Education, said: 鈥淪upported by the increased demand for high-quality specialist education in the region coupled with strong macroeconomic tailwinds, Almasar Alshamil Education is uniquely positioned to scale our high-impact education providers across special needs education and care and higher education. From providing comprehensive education, rehabilitation, and care services through Human Development Company, to operating the region鈥檚 leading higher education institutions, such as the first international campus of Middlesex University in Dubai and Abu Dhabi University through NEMA Holding, we have built a portfolio that is strong, mission-led, and scalable. The IPO will enable us to strengthen our capabilities, expand our geographic reach, and continue to make specialized education more accessible for underserved segments, while creating long-term value for our shareholders.鈥�
The offer shares will be available for subscription to individual and institutional investors, including investment funds, companies, qualified foreign investors, foreign strategic investors, and GCC corporate investors.