Page 202 - 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

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 United Arab Emirates, Indonesia, Morocco and the US and plans to
expand both organically and inorganically.

Alef plans to pay investors a dividend of at least 135 million dirhams for this year and
2025, it said.

First Abu Dhabi Bank PJSC and EFG Hermes are the joint lead managers and joint
bookrunners on the IPO.

Parents in the UAE are among the world’s biggest spenders when it comes to educating
their children. Dubai’s emergence as a post-Covid haven has drawn newcomers to the
emirate, where private schools are mandatory for expatriate children.

Private school operator Taaleem Holdings, which listed in Dubai at the end of 2022,
initially saw its shares fall below the offer price, but they are now trading 22% higher as
profit rose on higher student enrollments.

--With assistance from Farah Elbahrawy.

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