National Learning discloses use of IPO proceeds

National Company for Learning and Education (NCLE) has disclosed use of its IPO proceeds until Nov. 30, 2018.

The gross proceeds of the IPO was SAR 247 million while net proceeds was SAR 232 million after deducting IPO related expenses and fees of SAR 15 million, the company said in a statement to Tadawul on Thursday.

An amount of SAR 59.6 million was allocated to finance and building an educational complex in Buraidah.

A total of SAR 51.15 million and SAR 58.6 million went towards establishing Al Qasr educational complexes 1 and 2 in Al Khobar, respectively.

A sum of SAR 51.99 was directed to establishing Al Taraji educational complex in Dammam.

A variance of SAR 1.01 million was observed in IPO costs, which were originally estimated at SAR 15 million as stated in the prospectus due to the rise of actual costs over budgeted costs, the company added.