Page 138 - ALEF EDUCATION PR REPORT - JUNE 2024

The pricing implies a market valuation of around $2.57bn (Dhs9.45bn) at

listing. The offer was 39 times covered by local, regional, and international
investors, the edtech firm said in a statement.

“Global and regional investors alike have come to recognise the significant

and integral role we play – and will continue to play–in the education sector
across our operating markets,” said Geoffrey Alphonso, the CEO of Alef

Education.

“The 39x oversubscription 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 shareholders are offering 1.4 billion shares, equivalent to 20 per cent of

the company’s total issued share capital.

Upon listing, Tech Nova Investment – Sole Proprietorship and Kryptonite
Investments will continue to own 68 per cent and 12 per cent shareholding,

respectively. Alef plans to pay investors a dividend of at least Dhs135m for
this year and 2025.

Founded in 2016 and indirectly majority-owned by Abu Dhabi Capital

Group, Alef Education serves the kindergarten to 12th grade sector. It
operates in countries including the UAE, Indonesia, Morocco and the US and

plans to expand both organically and inorganically.

First Abu Dhabi Bank and EFG Hermes are the joint global coordinators on the

offering.

The edtech firm’s IPO follows the Dubai listing of private school operator
Taaleem Holdings in 2022. It comes as Amanat Holdings is considering

options for its education platform, including an IPO.

https://gulfbusiness.com/alefs-515m-ipo-oversubscribed-39-times/