Riyadh – Mubasher: Ataa Educational Company has determined the issue price for its initial public offering (IPO) that will start on Sunday, 14 June, at SAR 29 per share, after finishing the book-building process.

HSBC Saudi Arabia, the financial advisor and lead manager for Ataa’s IPO, said that the institutional offering was 202% oversubscribed, according to Ataa’s statement on Thursday.

A total of 1.2 million shares, or 10% of the offering size, will be assigned to individual subscribers, while the final allotment will take place after closing the retail offering.

The IPO will remain for a period of five days including and up to the last of the last subscription day on 18 July. 

On 25 June, the educational firm said that it will start the book building for its IPO on Thursday, 27 June, adding that interested investors can contact HSBC Saudi Arabia.

By the end of May, the kingdom-based educational company received the approval of the Capital Market Authority (CMA) for an IPO.

The company noted that it will offer 12 million shares, representing 30% of its capital share.