Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved the launch of an initial public offering (IPO) for 13 million shares, representing a 30.23% stake in National Company for Learning & Education on the Saudi Stock Exchange (Tadawul).

The company's prospectus will be published ahead of the IPO, the CMA said but no data has yet been determined for it.

“The CMA’s approval [to] the application should never be considered as a recommendation to subscribe in the offering of any specific company,” the Saudi body’s statement highlighted.

The CMA further added that its approval to list a part of the National Company for Learning & Education will be valid for six months. However, that approval will be cancelled if the IPO procedures are not completed during this period.