Today marks a significant milestone as Almasar Alshamil Education, the GCC's leading specialized education provider, opens its retail subscription window for its initial public offering on the Saudi Exchange's Main Market.

• Retail Subscription Period: November 18-20, 2025 (closes 2:00 PM KSA time)
• Final Offer Price: SAR 19.50 per share
• Implied Market Capitalization: SAR 1,997 million
• Institutional Book-Building: Concluded with strong demand of SAR 61.6 billion (102.9x oversubscribed)

Offering Structure

The Final Offer Price was set at the top of the announced price range, reflecting robust institutional investor demand. The offering follows an allocation structure where:

• Initially: 100% allocated to institutional investors (Participating Parties)
• Upon full retail subscription: 30% (9,216,120 shares) will be allocated to Individual Subscribers, with the remaining 70% (21,504,280 shares) going to institutional investors

Introducing the new IPO feature on Sahm platform: A step-by-step guide to subscribing to the IPO

IPO Summary

About Almasar Alshamil Education:

Almasar Alshamil Education operates as the leading specialized education provider in the GCC, focusing on two primary sectors: special needs education and care, and higher education.

Special Needs Education and Care (SEC): The Group operates through Human Development Company (HDC) and Human Rehabilitation Company (HRC) in Saudi Arabia, making it the largest private provider of special needs education and care for children with disabilities. The network includes 39 daycare centers, 14 private schools, and three clinics, serving more than 7,950 beneficiaries.

Higher Education: The Company's portfolio includes Middlesex University Dubai (MDX Dubai) with over 6,400 students across two campuses, and a 35% interest in NEMA Holding Company, which serves over 13,500 students across five campuses.

Both sectors represent high-growth, underserved segments benefiting from favorable demographics and alignment with national education strategies in the region.

*Al-Ma'arif Group acquired 51% of the capital of Baiz Holding LLC on June 30, 2025.

Financial Performance

The Company has demonstrated substantial growth in recent years. Revenue expanded from SAR 181.0 million in 2022 to SAR 437.1 million in 2024, representing a compound annual growth rate of 55%. EBITDA grew at a 49% CAGR during the same period, increasing from SAR 96.7 million to SAR 215.6 million.

Market Position and Scale

The Group serves approximately 28,000 students and beneficiaries across its operations, which span 39 special education and care centers, 14 schools, three universities (with seven campuses), and three clinics.

In Saudi Arabia's SEC sector, HDC and HRC hold the only double-digit market share among private sector providers, with around 4,000 daycare beneficiaries as of 2023 (growing to 7,950 by September 2025).

In the UAE's higher education market, Middlesex University Dubai represents approximately 7.4% of all private higher education students in Dubai, with 4,900 students enrolled as of December 2023 (increasing to 6,400 by September 2025), of which 35% were international students. When combined with Abu Dhabi University and Liwa University through NEMA Holdings, the Group holds an estimated 26.1% market share in the UAE's private higher education sector.

Sector Growth Outlook

The education markets in both Saudi Arabia and the UAE are experiencing significant expansion. Education expenditure is forecasted to grow at a CAGR of 6.1% in Saudi Arabia and 5.9% in the UAE between 2023 and 2028.

In higher education, the UAE market is expected to grow at 5.8% annually through 2028, with the private sector growing at 9.6%. Saudi Arabia's private higher education sector is projected to grow at 7.1% annually, supported by government reforms allowing foreign university branch campuses.

The special education sector in Saudi Arabia shows particularly strong growth projections, with enrollments expected to increase from 87,000 students in 2023 to 131,000 by 2028, reflecting an 8.6% annual growth rate.

Quality Recognition

The Company's institutions have achieved notable quality recognitions. All HDC daycare centers received the highest A+ rating from the Ministry of Human Resources and Social Development for 2024/2025. MDX Dubai received a 5-star rating (the highest possible) from KHDA's Rating of International Higher Education Institutions in 2022. Abu Dhabi University ranks in the top 200 universities globally by Times Higher Education and is ranked the number one university in the Arab World for Business in 2025.

Investor Groups

The IPO consists of two tranches designed to accommodate different types of investors:

Tranche A: Participating Parties (Institutional Investors)

This tranche includes institutional investors entitled to participate in the book building process, such as investment funds, companies, Qualified Foreign Investors (QFIs), Foreign Strategic Investors (FSIs), GCC corporate investors, and other foreign investors under SWAP agreements. Participating Parties registered in the Kingdom may obtain bid forms from the Bookrunners during the book-building period, while non-registered investors may submit bids by phone or email.

The minimum subscription size for Participating Parties is 100,000 shares, with a maximum of 5,120,065 shares. Initially, all 30,720,400 Offer Shares (100% of the total) will be allocated to this tranche. However, if there is sufficient demand from Individual Subscribers, the allocation to Participating Parties may be reduced to a minimum of 21,504,280 shares (70% of the Offer Shares).

Within this tranche, 9,216,120 shares (30% of the total Offer Shares) will be provisionally allocated to public funds. This allocation may be reduced to a minimum of 6,451,284 shares (21%) if strong demand from Individual Subscribers materializes.

The final allocation of Offer Shares to Participating Parties will be determined by the Company in consultation with the Bookrunners based on demand and market conditions using a discretionary allocation mechanism. It is possible that certain Participating Parties will not be allocated any shares.

Tranche B: Individual Subscribers (Retail Investors)

This tranche is open to Saudi and GCC nationals, non-Saudi residents in the Kingdom or GCC, and other investors with active stock portfolios through a Receiving Agent. Individual Subscribers may subscribe for a minimum of 10 Offer Shares and a maximum of 250,000 Offer Shares.

Subscription applications can be made through the Receiving Agents' branches or their digital channels. All applicants must have an active investment portfolio with a capital market institution affiliated with the relevant Receiving Agent.

Allocation Process

Allocation of Offer Shares to Individual Subscribers is expected to be completed no later than Wednesday, November 26, 2025.

The balance of Offer Shares, if any, will be allocated on a pro-rata basis, based on the number of Offer Shares requested by each Individual Subscriber relative to the total number of Offer Shares requested for subscription. However, if the number of Individual Subscribers exceeds 921,612, the Company does not guarantee the minimum allocation of 10 Offer Shares per Individual Subscriber. In such case, the allocation will be determined at the discretion of the Financial Advisor in coordination with the Company.

Direct Substantial Shareholders and Ownership Percentages held thereby Pre- and Post-Offering

Expected Offering Timetable

Source: The Company

Note: The above timetable and dates therein are indicative. Actual dates will be communicated through announcements in local daily newspapers published in the Kingdom in Arabic and on the websites of Tadawul (www.saudiexchange.sa), the Financial Advisor (www.alahlicapital.com) and the Company (www.masar education.com).

Introducing the new IPO feature on Sahm platform: A step-by-step guide to subscribing to the IPO

Click to read the full Prospectus 

Further updates regarding this IPO will be provided as more information becomes available.