Ataa Educational to begin IPO book building process from June 27

Ataa Educational Co. will launch a book-building process on June 27 to determine the share price for its upcoming initial public offering (IPO), the company said in a statement on Tuesday.

The book building process will run until July 8, the statement added.

Ataa will offer 12 million shares, representing 30 percent of its SAR 400 million capital.

The process aims to provide institutional investors with full details about the company’s investments, operating and financial performance, track record, strategy and future plans.

For more details, institutional investors can contact HSBC Saudi Arabia, the financial advisor and lead manager of Ataa’s IPO, the statement said.

The planned IPO will help Ataa proceed with its strategy to provide education opportunities for more students in an attractive environment, Ataa’s board chairman Tarek Al-Kasabi said.

“Our strategy focuses on enhancing the quality of educational process and services provided for students. Ataa seeks to become one of the major contributors to the local education sector in line with the National Transformation Program (NTP) 2020 and Saudi Vision 2030,” he added.

On June 19, Ataa issued a prospectus for its IPO on Saudi Stock Exchange (Tadawul) after obtaining the approval of the Capital Market Authority (CMA) last May, Argaam reported.