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Ataa Educational to raise SAR348mn in IPO

Ataa Educational will raise SAR348mn (USD93mn) after its IPO was priced at the top end of its price range, two sources familiar with the deal told Reuters.  Ataa Educational, which owns and operates national and international schools in Saudi Arabia, will float 12 mn shares, representing 30% of its SAR400mn capital. The IPO values the company at USD310mn, or SAR1.16bn, according to sources. The offering was two times oversubscribed by institutional investors. Demand from non-Saudi, GCC, international and qualified foreign investors accounted for more than third of the offering size, the sources said. The retail tranche of the offering will start on July 14 and last for five days.