CMA approves IPO of National Company for Learning & Education

Saudi Arabia’s Capital Market Authority (CMA) has approved the listing of a 30.23 percent or 13 million shares of National Company for Learning & Education, it said in a statement on Wednesday.

The prospectus will include all relevant information including the share price, company's financial statements, activities and management. It will be published within sufficient time prior to the start of the subscription period.

According to the CMA, the approval shall be valid for six months from its board resolution date and shall be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

The National Company for Education started its activities in 1958 with the establishment of "Model Education Schools". In 2002, it became the first closed joint stock company in the educational sector.

The company has educational complexes that can accommodate more than 15,000 students and has a staff strength of about 1,500.

In a recent report, Boston Consulting Group said the K-12 private education market in Saudi Arabia is poised to grow from $5 billion in 2017 to $12 billion in the next five years.