Page 136 - ALEF EDUCATION PR REPORT - JUNE 2024

6/7/24, 9:44 AM UAE's Alef Education completes IPO bookbuild, raises $514mn - Arabian Business: Latest News on the Middle East, Real Estate, F…
This gives Alef Education a market capitalisation of AED9.45 billion ($2.57 billion

approximately) and offer proceeds of AED1.89 billion ($514 million approximately).

“The 39x oversubscription in our IPO not only reflects the appeal of our Offering but

also the belief in our future growth and ability to continue advancing educational

outcomes for the communities we serve. The demand for our products and services
remains high, especially given the increasing public and private investment in

education across the MENA region,” Alef Education CEO Geoffrey Alphonso said.

The IPO saw high demand from “a broad range of investors,” the statement said. Total

gross demand amounted to over AED74 billion ($20 billion approximately),
representing an over-subscription level of approximately 39 times the shares on offer.

Alef Education also stated that it plans to distribute minimum dividends of AED135
million per year for 2024 and 2025, equivalent to an annualised yield of 7.1 percent

based on the final offer price.

Trading of Alef Education shares on the ADX is scheduled to commence on or around

12 June 2024.

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