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Amanat hires SNB Capital for education business IPO

By Pramod Kumar
The listing of Amanat's education business is anticipated in the first half of 2025 Unsplash.com
The listing of Amanat's education business is anticipated in the first half of 2025

Amanat Holdings, a Dubai-listed investment company, has appointed SNB Capital to manage the proposed sale of a 30 percent stake in its education business through an initial public offering (IPO) in Saudi Arabia next year.

The listing is anticipated in the first half of 2025, which will raise $300 million, Reuters reported, citing unnamed sources.

Additionally, Amanat is expected to rope in more advisers, the report said.

In May, the company announced plans for a potential IPO of its education business by creating a new holding company. 

Its education platform includes Middlesex University Dubai; Human Development Company, a special education and care services provider in Saudi Arabia; and Nema Holding, a privately-held education company in the UAE.

This month, Amanat reported a net profit of AED78.4 million ($21.3 million) in the first nine months of 2024, compared to AED88.2 million a year ago.

Revenues grew 14 percent year on year to AED566.3 million during the period.

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