The retailtranche ofAlmasar Alshamil IPOwill run for three days until Nov. 20, 2025
Retail investors started today, Nov. 18, subscription to 9.22 million shares of Almasar Alshamil Education Co. on the Main Market (TASI), at SAR 19.50 each based on the book-building process. 
The retail offering will run for three days until Nov. 20, the company added.
The retail tranche got 30% of the total shares on offer.
Eligible retail subscribers include all natural Saudi persons, including Saudi women who are divorced or widowed with minor children from a non-Saudi husband, as well as any natural non-Saudi resident or citizens of GCC countries who have a bank account with one of the receiving entities and an active investment portfolio with one of the market institutions affiliated with the receiving entity.
In September, the Capital Market Authority (CMA) approved the company’s application to float 30.72 million shares on TASI, representing 30% of its SAR 1.024 billion capital, divided into 102.40 million shares at a par value of SAR 10 each.
The company’s institutional offering, which ended last week, was 102.9x covered.
This is the 11th IPO on TASI this year after Derayah Financial Co. on Feb. 20, Arabian Company for Agricultural Industrial Investments (Entaj) on Feb. 26, and Umm Al Qura for Development and Construction Co. (Masar) on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas Co. on June 18, Specialized Medical Co. (SMC) on June 25, Sport Clubs Co. on July 8, Dar Al Majed Real Estate Co. (Al Majdiah) on Aug. 14, Marketing Home Group for Trading Co. on Augut 19, and Cherry Trading Co. on Nov. 12, 2025.
Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. (Tasheel) on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24.
Company Profile
Almasar Alshamil Education Co. was initially established in October 2022 in Riyadh as Amanat Special Education Care Investment Co., a limited liability company. In September 2024, it was converted into a single-person closed joint stock company and renamed Almasar Alshamil.
The company’s main business activity is managing its subsidiaries, and the group’s core activities include: Investment activities, private education services, daycare center services, higher education activities, and institutional training and institute activities
The group provides services in the education, care, and rehabilitation sector for people with disabilities, through daycare centers, private schools, and psychological therapy clinics in Saudi Arabia, and in the higher education sector through several private universities in the UAE.
The group’s operations are divided into the following main segments:
Higher Education: Undergraduate and postgraduate programs provided through Middlesex University Dubai and Nama Group, in addition to vocational and corporate training mainly delivered by Nama Group.
Education and Care for People with Disabilities: Daycare centers, owned schools and partnered private schools, early intervention services, and clinics offering supportive therapies for individuals served in the disability education sector, through Human Development Company (HDC) and Human Rehabilitation Company (HRC).
The group serves more than 28,000 students and beneficiaries, operating through 39 disability education and care centers, 14 schools for disability education and care, 3 universities (with 7 educational campuses) and 3 clinics.
HDC is the largest and most prominent player in Saudi Arabia’s disability education and care services market in 2023. The company alone captures 5.8% of the total number of enrolled students with disabilities, outperforming its nearest competitor, Education Development Holding, which holds only 1.2%, as shown below:
Market Share of Disability Education Services – 2023
Company
Share (%)
Human Development Company (HDC)
5.8%
Education Development Holding
1.2%
Madinah Academic Schools
0.4%
Unaizah Development Humanitarian Services Association (Taheel)
0.3%
Shomou’ Al-Amal
0.3%
Others
92.0%
Total
100.0%
Subsidiaries:
Almasar Alshamil Co. owns 17 subsidiaries, including two based in Saudi Arabia, namely HDC and HRC, while the remaining companies are based in the United Arab Emirates, with a total of 59 branches across both countries.
Company’s Subsidiaries
Subsidiary
Direct Ownership (%)
Indirect ownership
HDC
60%
Zero
HRC
Zero
60%
HDC Investments Ltd
Zero
60%
AHE Alpha Ltd
100%
Zero
Middlesex
Zero
100%
AH Alpha Investments Holdings 3 Ltd
100%
Zero
AH Alpha Investments Holdings 1 Ltd
Zero
100%
Nama Holding
Zero
35%
Nama Education
Zero
35%
Arkalat Services
Zero
35%
Arkalat Development
Zero
35%
Khwarizmi Training Services
Zero
35%
Al-Maarif Group*
Zero
35%
Abu Dhabi University
Zero
35%
Liwa University
Zero
35%
Center of Continued Education at the UAE Technology College
Zero
35%
Eduside Co
Zero
35%
*Al-Ma’arif Group acquired 51% of the capital of Baiz Holding LLC on June 30, 2025.
Company Revenues
The company recorded revenues of SAR 437.1 million in 2024, compared to SAR 342.6 million in 2023, a growth of about 28%.
Middlesex University Dubai generated the largest share of revenues, with SAR 221.8 million (about 51% of total group revenues). The education, care, and rehabilitation services for people with disabilities segment generated SAR 215.3 million (about 49%).
Company Revenues (SAR mln)
Segment
2023
2024
Change
Human Development Co. (Saudi Arabia)
165.0
215.3
30%
Middlesex University Dubai (UAE)
177.5
221.8
25%
Total
342.6
437.1
28%
Company Profile
Company
Almasar Alshamil Education Co.
Core Activities
Education
Capital
SAR 1024.01 mln
Number of Shares
102.40 mln
Nominal Value
SAR 10
IPO Summary
Issue Percentage
30%
Offered shares
30.72 mln
Number of offered shares to retail investors
9.22 mln shares (30% of capital)
Minimum subscription limit (retail investors)
10 shares
Maximum subscription limit (retail investors)
250,000 shares
Offer period
From Tuesday, Nov. 18 to Thursday, Nov. 20, 2025.
Final Allocation
No later than Nov. 26, 2025
Refund (if any)
No later than Dec. 2, 2025
Major Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln shares)
Ownership (%)
Number of Shares
(mln shares)
Ownership (%)
Amanat Co. for Private Education and Care Holding Ltd
102.40
100%
71.68
70%
Public
—
—
30.72
30%
Total
102.40
100%
102.40
100%
Additional Information
Financial Advisor and Underwriter
SNB Capital
Institutional Offering Bookrunner
SNB Capital, EFG-Hermes
Receiving Banks
Derayah Financial, SNB Capital, EFG Hermes, Riyad Capital, BSF Capital, AlJazira Capital, Yaqeen Capital, Albilad Capital, ANB Capital, Al Rajhi Capital, Alistithmar Capital, Alinma Capital, SAB Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital and Awaed Capital
The retailtranche ofAlmasar Alshamil IPOwill run for three days until Nov. 20, 2025
Retail investors started today, Nov. 18, subscription to 9.22 million shares of Almasar Alshamil Education Co. on the Main Market (TASI), at SAR 19.50 each based on the book-building process.
The retail offering will run for three days until Nov. 20, the company added.
The retail tranche got 30% of the total shares on offer.
Eligible retail subscribers include all natural Saudi persons, including Saudi women who are divorced or widowed with minor children from a non-Saudi husband, as well as any natural non-Saudi resident or citizens of GCC countries who have a bank account with one of the receiving entities and an active investment portfolio with one of the market institutions affiliated with the receiving entity.
In September, the Capital Market Authority (CMA) approved the company’s application to float 30.72 million shares on TASI, representing 30% of its SAR 1.024 billion capital, divided into 102.40 million shares at a par value of SAR 10 each.
The company’s institutional offering, which ended last week, was 102.9x covered.
This is the 11th IPO on TASI this year after Derayah Financial Co. on Feb. 20, Arabian Company for Agricultural Industrial Investments (Entaj) on Feb. 26, and Umm Al Qura for Development and Construction Co. (Masar) on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas Co. on June 18, Specialized Medical Co. (SMC) on June 25, Sport Clubs Co. on July 8, Dar Al Majed Real Estate Co. (Al Majdiah) on Aug. 14, Marketing Home Group for Trading Co. on Augut 19, and Cherry Trading Co. on Nov. 12, 2025.
Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. (Tasheel) on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24.
Company Profile
Almasar Alshamil Education Co. was initially established in October 2022 in Riyadh as Amanat Special Education Care Investment Co., a limited liability company. In September 2024, it was converted into a single-person closed joint stock company and renamed Almasar Alshamil.
The company’s main business activity is managing its subsidiaries, and the group’s core activities include: Investment activities, private education services, daycare center services, higher education activities, and institutional training and institute activities
The group provides services in the education, care, and rehabilitation sector for people with disabilities, through daycare centers, private schools, and psychological therapy clinics in Saudi Arabia, and in the higher education sector through several private universities in the UAE.
The group’s operations are divided into the following main segments:
Higher Education: Undergraduate and postgraduate programs provided through Middlesex University Dubai and Nama Group, in addition to vocational and corporate training mainly delivered by Nama Group.
Education and Care for People with Disabilities: Daycare centers, owned schools and partnered private schools, early intervention services, and clinics offering supportive therapies for individuals served in the disability education sector, through Human Development Company (HDC) and Human Rehabilitation Company (HRC).
The group serves more than 28,000 students and beneficiaries, operating through 39 disability education and care centers, 14 schools for disability education and care, 3 universities (with 7 educational campuses) and 3 clinics.
HDC is the largest and most prominent player in Saudi Arabia’s disability education and care services market in 2023. The company alone captures 5.8% of the total number of enrolled students with disabilities, outperforming its nearest competitor, Education Development Holding, which holds only 1.2%, as shown below:
Market Share of Disability Education Services – 2023
Company
Share (%)
Human Development Company (HDC)
5.8%
Education Development Holding
1.2%
Madinah Academic Schools
0.4%
Unaizah Development Humanitarian Services Association (Taheel)
0.3%
Shomou’ Al-Amal
0.3%
Others
92.0%
Total
100.0%
Subsidiaries:
Almasar Alshamil Co. owns 17 subsidiaries, including two based in Saudi Arabia, namely HDC and HRC, while the remaining companies are based in the United Arab Emirates, with a total of 59 branches across both countries.
Company’s Subsidiaries
Subsidiary
Direct Ownership (%)
Indirect ownership
HDC
60%
Zero
HRC
Zero
60%
HDC Investments Ltd
Zero
60%
AHE Alpha Ltd
100%
Zero
Middlesex
Zero
100%
AH Alpha Investments Holdings 3 Ltd
100%
Zero
AH Alpha Investments Holdings 1 Ltd
Zero
100%
Nama Holding
Zero
35%
Nama Education
Zero
35%
Arkalat Services
Zero
35%
Arkalat Development
Zero
35%
Khwarizmi Training Services
Zero
35%
Al-Maarif Group*
Zero
35%
Abu Dhabi University
Zero
35%
Liwa University
Zero
35%
Center of Continued Education at the UAE Technology College
Zero
35%
Eduside Co
Zero
35%
*Al-Ma’arif Group acquired 51% of the capital of Baiz Holding LLC on June 30, 2025.
Company Revenues
The company recorded revenues of SAR 437.1 million in 2024, compared to SAR 342.6 million in 2023, a growth of about 28%.
Middlesex University Dubai generated the largest share of revenues, with SAR 221.8 million (about 51% of total group revenues). The education, care, and rehabilitation services for people with disabilities segment generated SAR 215.3 million (about 49%).
Company Revenues (SAR mln)
Segment
2023
2024
Change
Human Development Co. (Saudi Arabia)
165.0
215.3
30%
Middlesex University Dubai (UAE)
177.5
221.8
25%
Total
342.6
437.1
28%
Company Profile
Company
Almasar Alshamil Education Co.
Core Activities
Education
Capital
SAR 1024.01 mln
Number of Shares
102.40 mln
Nominal Value
SAR 10
IPO Summary
Issue Percentage
30%
Offered shares
30.72 mln
Number of offered shares to retail investors
9.22 mln shares (30% of capital)
Minimum subscription limit (retail investors)
10 shares
Maximum subscription limit (retail investors)
250,000 shares
Offer period
From Tuesday, Nov. 18 to Thursday, Nov. 20, 2025.
Final Allocation
No later than Nov. 26, 2025
Refund (if any)
No later than Dec. 2, 2025
Major Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln shares)
Ownership (%)
Number of Shares
(mln shares)
Ownership (%)
Amanat Co. for Private Education and Care Holding Ltd
102.40
100%
71.68
70%
Public
—
—
30.72
30%
Total
102.40
100%
102.40
100%
Additional Information
Financial Advisor and Underwriter
SNB Capital
Institutional Offering Bookrunner
SNB Capital, EFG-Hermes
Receiving Banks
Derayah Financial, SNB Capital, EFG Hermes, Riyad Capital, BSF Capital, AlJazira Capital, Yaqeen Capital, Albilad Capital, ANB Capital, Al Rajhi Capital, Alistithmar Capital, Alinma Capital, SAB Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital and Awaed Capital
