Dubai – Mubasher: Amanat Holdings said that its indirect wholly-owned subsidiary, Almasar Alshamil Education (Almasar Education), has listed 30% of its share capital on the Main Market of the Saudi Exchange (Tadawul) on 2 December 2025, following its initial public offering (IPO).

The IPO price was set at the top end of the range, with an institutional order book of approximately SAR 62 billion, implying an oversubscription rate of 103x, according to a press release.

The market capitalization of Almasar Education was SAR 1.997 billion at listing, implying a cash-on-cash multiple of 2.2x, with gross proceeds raised of approximately SAR 599 million which use will be, in due course, evaluated and recommended by the board to the shareholders in the form of a capital allocation plan for the real estate and IPO proceeds, while balancing cash returns to shareholders with reinvestment into transformational opportunities.

The listing followed the successful divestment of the real estate assets of North London Collegiate School in August 2025, realizing cash proceeds of AED 453 million, a 1.7x cash-on-cash return.

The IPO was driven by an institutional order book of approximately SAR 62 billion, implying an oversubscription rate of 103x, and with a retail investor order book that saw total demand of SAR 218 million.

Amanat Holdings’ CEO, John Ireland, said: “Today’s listing of Almasar Alshamil Education on the Saudi Exchange … marks a key milestone in the delivery of our strategy to build and monetize specialized education and healthcare businesses.”

Ireland noted: “We remain committed to creating long-term value for shareholders and will consider all strategic options for the use of the IPO proceeds and AED 568 million of cash held centrally on our balance sheet, including returning value to shareholders and investing in transformational growth opportunities.”

The listing of Almasar Education aligns with Amanat Holdings’ strategy of identifying and investing in market-leading businesses in the healthcare and education sectors, driving growth through disciplined execution and creating value for shareholders through successful monetizations.

The IPO follows a period of sustained momentum across the DFM-listed company’s market-leading portfolio and comes after a period of strong profitability growth for Amanat Holdings, with revenue and EBITDA from continuing operations growing by 15% and 49%, respectively, during the first nine months (9M) of 2025.

It is worth noting that the Tadawul-listed entity is considered one of the GCC’s leading specialized education providers. Almasar Education serves more than 28,000 students and beneficiaries across 39 SEN daycare centers, 14 special needs schools, and seven higher education campuses in Saudi Arabia and the UAE.

Meanwhile, Amanat Holdings is a listed operator of healthcare and education assets with paid-up capital of AED 2.50 billion.