Page 221 - ALEF EDUCATION PR REPORT - JUNE 2024

6/3/24, 3:05 PM Alef Education increases IPO shares due to strong demand from investors | Markets – Gulf News
Abu Dhabi: Alef Education Holding announced on Friday an increase in the number of

shares allocated to the first tranche of its initial public offering (IPO), raising it from

112 million to 140 million shares due to strong investor demand.

The second tranche offer will be adjusted to 1.26 billion shares from the initial 1.28

billion shares. The total number of shares on offer remains at 1.4 billion, representing

20 per cent of the company’s issued share capital.

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Based on the previously announced price range of Dh1.30 to Dh1.35 per share, the first

tranche offer will now be valued between Dh182 million and Dh189 million,

accounting for 10 per cent of the total IPO size.

All shares are existing ones, with Tech Nova Investment – Sole Proprietorship L.L.C.

and Kryptonite Investments L.L.C. selling 20 per cent of their ownership in Alef

Education.

Post-IPO, the selling shareholders will retain 68 per cent and 12 per cent of the

company’s issued share capital, respectively. Under an underwriting agreement with

the company, selling shareholders, and joint lead managers, these shares will be

subject to a 180-day lock-up period from the date of the underwriting agreement until

180 days after listing on the Abu Dhabi Securities Exchange (ADX).

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