Page 143 - ALEF EDUCATION PR REPORT - JUNE 2024

6/7/24, 9:45 AM Alef Education's IPO Raises AED1.89 Billion, Oversubscribed 39 Times
The final offer price was set at AED1.35 per share, the top end of the

previously announced range. This price implies a market capitalization at

listing of AED9.45 billion (US$2.57 billion) and results in offer proceeds of

AED1.89 billion (US$514 million).

The IPO attracted significant demand from local, regional, and international

investors, with total gross demand exceeding AED74 billion (US$20 billion).

This represents an oversubscription level of approximately 39 times,

highlighting the strong market confidence in Alef Education’s industry

position and investment potential.

The company plans to distribute a minimum dividend of AED135 million for

each financial year ending December 31, 2024, and 2025, to all shareholders

excluding the selling shareholders. This represents an annualized minimum

dividend yield of 7.1% based on the final offer price.

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

around June 12, 2024.

Geoffrey Alphonso, CEO of Alef Education, expressed his satisfaction with

the IPO’s outcome.

"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

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