Page 123 - ALEF EDUCATION PR REPORT - JUNE 2024

6/10/24, 11:09 AM Alef Education raises $515 million in oversubscribed IPO - The Circuit
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Alef Education delivered a promising IPO, the first of the year for Abu

Dhabi’s ADX, pricing the education technology platform at the top of the

range and drawing $20 billion in orders.

The offering was 39 times oversubscribed and raised a total AED 1.89 billion

($515 million) after the deal priced shares at 1.35 dirhams each, implying a

market capitalization of $2.6 billion.

Alef, founded in 2016 and indirectly owned by private asset manager Abu

Dhabi Capital Group, makes online learning programs for K through 12

students, with customers in the UAE, Morocco, Indonesia and the U.S.

Shares are expected to be listed on June 12 under the ticker symbol

“AlefEdT.”

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