Almasar Education sets IPO price range

Almasar Alshamil Education, the Saudi Arabia-based owner of Middlesex University Dubai, has moved ahead with its IPO plan by setting its offer price range and opening institutional book-building on the Saudi Exchange (Tadawul).

- BY JUSTIN VARGHESE Your Money Editor

The company priced its shares between 18.50 Saudi riyals and 19.50 riyals, valuing the business between SR1.89 billion and SR1.99 billion. The sale of 30.7 million ordinary shares, equal to 30 per cent of its capital, could raise up to SR599 million.