Riyadh – Mubasher: Ataa Educational Company received the approval of the Capital Market Authority (CMA) for an initial public offering (IPO).

Kingdom-based Ataa Educational will offer 12 million shares, representing 30% of the company’s capital share, according to the firm’s recent filing to the Saudi Stock Exchange (Tadawul).

The company’s prospectus will be published within sufficient time prior to the start of the subscription period.

“A subscription decision without reading the prospectus carefully or fully reviewing its content may involve high risk,” the CMA highlighted.

It is worth noting that the CMA’s approval shall be valid for six months from its resolution date, and it shall be cancelled if the offering and listing of the Company's shares are not completed within this period.