Amanat Holdings confirmed yesterday that its indirect wholly owned subsidiary, Almasar Alshamil Education, has begun trading on the Main Market of the Saudi Exchange following a successful initial public offering.
The Dubai-listed investment firm said the IPO saw 30 per cent of the company’s share capital listed, setting the offer price at the top of the announced range.
According to Amanat, institutional demand for the transaction was strong, with the order book reaching approximately SAR62 billion. This implied an oversubscription rate of 103 times. Retail demand reached SAR218 million.
Almasar Alshamil begins trading after IPO
The listing raised gross proceeds of around SAR599 million and gave Almasar Alshamil Education a market capitalisation of SAR1.997 billion at the time of trading.
The listing marks the latest step in Amanat’s multi-year monetisation cycle. The company said it has raised more than AED1 billion in 2025 alone. This follows three previous exits which have generated over AED2.1 billion in combined proceeds. Earlier this year, Amanat completed the sale of the real estate assets of North London Collegiate School for AED453 million, achieving a cash-on-cash return of 1.7 times.
Amanat reported continued operational momentum across its education and healthcare portfolio. Revenue and EBITDA from continuing operations for the first nine months of 2025 rose by 15 per cent and 49 per cent respectively. Student and beneficiary numbers increased by 21 per cent to 28,000 while bed capacity rose to 715. The company held AED568 million in central cash at the end of the third quarter, with funds from the IPO received after the reporting period.
Amanat said its board will evaluate potential uses for the proceeds, balancing shareholder returns with reinvestment in growth opportunities.
Chief executive John Ireland said: “Today’s listing of Almasar Alshamil Education on the Saudi Exchange through its highly successful IPO, which raised around SAR599 million and saw exceptional demand from investors, marks a key milestone in the delivery of our strategy to build and monetise specialised education and healthcare businesses.
“We remain committed to creating long-term value for shareholders and will consider all strategic options for the use of the IPO proceeds and AED568 million of cash held centrally on our balance sheet, including returning value to shareholders and investing in transformational growth opportunities.”
Almasar Alshamil Education is described by Amanat as the GCC’s leading specialised education provider. Its portfolio includes Human Development Company, the largest provider of Special Education Needs services in Saudi Arabia, Middlesex University Dubai and a minority stake in NEMA Holding, which owns Abu Dhabi University and Liwa University.
The group serves more than 28,000 students and beneficiaries across its network of centres, schools and higher education institutions in Saudi Arabia and the UAE.
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