The agreement was signed by Ibn Roshd Chairman Saad Al Jeblan, and Alkhair CEO and Managing Director Khalid Al-Mulhim, according to Ibn Roshd's statement.
The IPO is pending the regulatory approval from the Capital Market Authority (CMA).
Established in 2007, Ibn Roshd expanded locally and currently manages 10 educational complexes in Riyadh, Abha, Khamis Mushait and Jazan, in addition to newly-established complexes. The company is also set to open three new schools in Riyadh and Al Khobar, as part of its expansion strategy.
The number of enrolled students exceeds 11,000, while the number of teachers and administration members is 1,600.
Alkhair, a financial institution established in Riyadh in 2009, operates in asset management, mutual funds and Shariah-compliant financial advisory services.