Page 140 - ALEF EDUCATION PR REPORT - JUNE 2024

6/7/24, 9:45 AM Alef Education IPO 39 times oversubscribed | AGBI
The company raised AED1.9 billion ($515 million) in its initial public
offering, the company said on Thursday. It will become the first education

technology business to list on a UAE stock exchange.

The company sold 1.4 billion shares, or 20 percent of its stock, at AED1.35
($0.37) a share, the upper limit of its price range.

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That valuation would give the company a market capitalisation of AED9.5

billion. The shares will make their Abu Dhabi bourse debut on or around
June 12.

Alef says that some 1.1 million school students use its educational
platform across 6,730 schools in the UAE, the United States, Indonesia,

Jordan and Morocco.

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It provides “personalised learning experiences for all students so they

learn at their own pace, anytime and anywhere,” the company’s website
states.

The Middle East’s education technology sector will generate $11.2 billion
in annual revenue in 2030, up from $5.6 billion in 2022, a report by US

analyst Verified Market Research predicts.

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