Ataa Educational Co. has issued a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) after obtaining the approval of the Capital Market Authority (CMA) last May.
The company will float 12 million shares, or 30 percent of capital, while the issue price will be determined later on.
Read: Ataa Educational obtains regulatory approval for IPO
The retail offering will run from July 14 to July 18.
The IPO targets two tranches:
Institutional investors: Including all categories of investors entitled to participate in the book-building process. The company will offer 100 percent (12 million shares) of total offering size to institutional investors, subject to a scaleback to 90 percent (10.80 million shares).
Retail investors: Including Saudi and GCC individual investors. Up to 10% of the offering size (1.20 million shares) will be allocated to individuals.
National Advanced Ebdaa Trading Co. owns a 38 percent stake in Ataa.
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Major Shareholders |
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Shareholder |
Number of shares before IPO (mln) |
Stake % |
Number of shares after IPO (mln) |
Stake % |
|
National Creative Development Trading Co. |
15.20 |
38.00% |
10.64 |
26.60% |
|
RZM Investment Co. |
11.37 |
28.42% |
7.96 |
19.89% |
|
Ahmed AlMuteb |
8.64 |
21.60% |
6.05 |
15.12% |
|
Total |
35.21 |
88.02% |
24.65 |
61.61% |
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Company’s Profile |
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|
Company |
Ataa Educational Co. |
|
Market |
TASI |
|
Main activities |
Establishing, owning and operating national and international schools |
|
Status |
Active |
|
Capital |
SAR 400 mln |
|
IPO Summary |
|
|
Issue size |
30% |
|
Number of shares offered for retail investors |
A maximum of 1.2 mln ordinary shares representing 10% of IPO shares |
|
IPO Price |
To be determined |
|
IPO size for retail investors |
-- |
|
Qualified subscribers |
Saudis and GCC retail investors |
|
IPO minimum for retail investors |
10 shares |
|
IPO maximum for retail investors |
250,000 shares |
|
IPO minimum for institutional investors |
100,000 shares |
|
IPO maximum for institutional investors |
1.999 mln shares |
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IPO period for retail investors |
From Sunday July 14 until Thursday July 18 |
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Allotment date |
July 25, 2019 |
|
Surplus refund |
July 25, 2019 |
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Additional Information |
|
|
Financial advisor, lead manager, underwriter |
HSBC |
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Receiving banks |
NCB, Al Rajhi, Riyad, SABB |
Ataa Educational reported a year-on-year (YoY) drop in net profit to SAR 33.28 million (SAR 0.83 EPS) for the six-month period ending on Jan. 31, 2019, compared to SAR 40.96 million a year earlier.
Annual revenue declined 1 percent YoY to SAR 157.9 million.
The ISO 9001 certified educational firm was established in 1992, and has been operating in the public education sector for 30 years, since the establishment of its first school in Riyadh in 1989.
The firm has been instrumental in the acquisition of several educational complexes in Riyadh, and currently runs 13 educational campuses. It also holds the AdvancedED academic accreditation.
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Income Statement (SAR mln) |
|||
|
Period |
Six months ended Jan. 31, 2018 |
Six months ended Jan. 31, 2019 |
Variation |
|
Revenue |
159.37 |
157.91 |
(1%) |
|
Net Profit |
40.96 |
33.28 |
(19%) |
|
Average number of shares (mln) |
40.0 |
40.0 |
-- |
|
EPS (SAR/share) |
1.02 |
0.83 |
(19%) |
|
Sales and Net Profit (SAR mln) |
|||
|
Period |
FY ended July 31, 2016 |
FY ended July 31, 2017 |
FY ended July 31, 2018 |
|
Revenue |
290.08 |
338.29 |
325.19 |
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Net Profit |
82.66 |
96.69 |
87.91 |
|
Average number of shares (mln) |
40.0 |
40.0 |
40.0 |
|
EPS (SAR/share) |
2.07 |
2.42 |
2.20 |
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Balance Sheet (SAR mln) |
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|
Item |
July 31, 2016 |
July 31, 2017 |
July 31, 2018 |
Jan. 31, 2019 |
|
Cash & cash equivalent |
20.57 |
26.52 |
10.17 |
24.19 |
|
Current assets |
95.34 |
108.73 |
100.06 |
91.64 |
|
Non-current assets |
811.18 |
860.58 |
910.24 |
919.77 |
|
Total assets |
906.52 |
969.32 |
1010.30 |
1011.41 |
|
Current liabilities |
173.52 |
143.88 |
118.20 |
170.54 |
|
Non-current liabilities |
175.21 |
185.93 |
167.09 |
142.83 |
|
Total liabilities |
349.30 |
329.81 |
285.29 |
313.37 |
|
Capital |
216.41 |
216.41 |
400.00 |
400.00 |
|
Shareholders’ equity |
557.22 |
639.51 |
725.01 |
698.04 |
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