Page 201 - ALEF EDUCATION PR REPORT - JUNE 2024

6/6/24, 2:50 PM Abu Dhabi’s First IPO of the Year Draws $20 Billion in Orders - BNN Bloomberg
Abu Dhabi’s First IPO of the Year Draws

$20 Billion in Orders

Kateryna Kadabashy, Bloomberg News

An investor walks past a stock price index board at the Dubai Financial Market PJSC (DFM) in Dubai, United Arab Emirates, on
Wednesday, Aug. 24, 2022. While not as intense as in other parts of the world, inflation is percolating in the oil-rich Gulf, with
Dubai among countries in the region that have set aside billions of dollars in inflation relief. Photographer: Christopher
Pike/Bloomberg , Bloomberg

(Bloomberg) -- Abu Dhabi’s first initial public offering of the year drew in orders of $20
billion as appetite for listings in the Gulf remains healthy.

Alef Education’s shareholders will raise 1.89 billion dirhams ($515 million) after the deal
priced at 1.35 dirhams per share, the top of the range. That implies a market

capitalization of 9.45 billion dirhams. The offer was 39 times covered by local, regional,
and international investors, according to a statement on Thursday.

Tech Nova Investment – Sole Proprietorship LLC and Kryptonite Investments LLC are
offering 1.4 billion shares, or a 20% stake, in the education technology firm.

Despite the lull in IPOs on the Abu Dhabi market this year so far, other countries in the
region, such as Saudi Arabia, have seen more activity. Four Saudi companies have
drawn a combined $176 billion in orders for their IPOs.

https://www.bnnbloomberg.ca/abu-dhabi-s-first-ipo-of-the-year-draws-20-billion-in-orders-1.2081773 1/2