Page 218 - ALEF EDUCATION PR REPORT - JUNE 2024

6/3/24, 3:05 PM Alef Education increases number of shares allocated to First Tranche in its IPO
“Offering”) to 140,000,000 (one hundred and forty million) Shares from 112,000,000 (one
hundred and twelve million) Shares in response to substantial demand from investors.

Subsequently, given the decision by the Selling Shareholders to increase the allotment to

the First Tranche offer, the Second Tranche offer will be allotted 1,260,000,000 (one billion

and two hundred and sixty million) Shares, instead of 1,288,000,000 (one billion and two
hundred and eighty-eight million) Shares. The total number of Shares on offer remains

unchanged at 1,400,000,000 (one billion and four hundred million) shares, equivalent to
20% of the Company’s issued share capital.

Based on the previously announced price range of AED1.30 to AED1.35 per share, the

size of the First Tranche offer will now be between AED182 million and AED189 million,
representing a total of 10% of the IPO size.

All of the Shares are existing shares, with Tech Nova Investment – Sole Proprietorship
L.L.C and Kryptonite Investments L.L.C selling 20% of their ownership in Alef Education.

Following the completion of the IPO, the Selling Shareholders will continue to hold of 68%

and 12%, respectively of the Company’s issued share capital. Pursuant to an Underwriting
Agreement entered into between the Company, the Selling Shareholders and the Joint

Lead Managers, the shares held by the Selling Shareholders following the listing shall be

subject to a lock-up from the date of the Underwriting Agreement up to and including 180
days from the date of listing on the Abu Dhabi Securities Exchange.

https://www.zawya.com/en/markets/equities/alef-education-increases-number-of-shares-allocated-to-first-tranche-in-its-ipo-ap9v2dt9 2/3