Page 179 - ALEF EDUCATION PR REPORT - JUNE 2024

Alef IPO in Abu Dhabi Lures $20B, 39x

Oversubscribed

Alef Education IPO in Abu Dhabi Draws $20 Billion in Orders, 39 Times Oversubscribed

By Bill Bullington

ᐧ
6/6, 10:04 GST

Key Takeaway

▪ Alef Education's IPO in Abu Dhabi drew $20 billion in orders, priced at 1.35
dirhams per share, and was 39 times oversubscribed.

▪ Saudi Arabia's IPO market remains active with four companies attracting $176
billion in orders; Dr. Soliman Abdel Kader Fakeeh Hospital Co.'s shares rose 9.9%
on debut.
▪ Perfume retailer Arabian Oud plans an IPO in Saudi Arabia, hiring Emirates NBD
Capital and SNB Capital to manage the sale amid strong market interest.

Alef Education IPO Success

Abu Dhabi's first initial public offering (IPO) of the year, Alef Education, has garnered
significant interest, drawing in orders worth $20 billion. The IPO was priced at 1.35
dirhams per share, the top of the range, resulting in a market capitalization of 9.45
billion dirhams ($2.57 billion). The offering was 39 times oversubscribed by local,
regional, and international investors. Tech Nova Investment – Sole Proprietorship LLC
and Kryptonite Investments LLC offered 1.4 billion shares, representing a 20% stake in
the education technology firm.

Alef Education, founded in 2016 and indirectly majority-owned by Abu Dhabi Capital
Group, serves the kindergarten to 12th-grade sector. The company operates in the
United Arab Emirates, Indonesia, Morocco, and the United States, with plans for further
expansion. Alef has committed to paying investors a dividend of at least 135 million
dirhams for this year and 2025. First Abu Dhabi Bank PJSC and EFG Hermes acted as
joint lead managers and joint bookrunners for the IPO.

Regional IPO Activity

https://supersearchx.com/en/articles/2024/06/06/alef-ipo-in-abu-dhabi-lures-20-b-39x-
oversubscribed