Page 227 - ALEF EDUCATION PR REPORT - JUNE 2024

6/3/24, 3:06 PM Alef Increases Shares Allocated To IPO's First Tranche
The second tranche offer has subsequently been reduced to 1.26 billion shares from 1.29

billion shares, equivalent to 90% of the total shares on offer, down from the previously

announced 92%.

Alef, the first EdTech firm to list its shares in the UAE, said in a statement that the total

number of shares on offer remains unchanged at 1.4 billion shares, equivalent to 20% of the

company’s issued share capital.

Based on the previously announced price range of $0.35 (AED 1.3) to $0.37 (AED 1.35) per

share, the size of the first tranche offer is now set between $49.6 million (AED 182 million)

and $51.5 million (AED 189 million), representing 10% of the IPO size, up from the

previously announced 8%.

All of the shares in the offering are existing shares, with Tech Nova Investment and

Kryptonite Investments selling 20% of their ownership in Alef. Following the completion of

the IPO, the selling shareholders will continue to hold 68% and 12%, respectively of the

company’s stake.

The IPO subscription period remains unchanged, with the first tranche offer set to close on

June 4, and the second tranche offer set to close on June 5. The subscription period began on
Tuesday.

The final offer price will be determined through a book-building process upon the close of

the second tranche offer and is expected to be announced on June 6.

The completion of the offering alongside the admission of the shares for listing and trading

on the Abu Dhabi Securities Exchange's (ADX) main market is expected to take place on

June 12, subject to market conditions and regulatory approvals.

Regional IPO market

Abdulla Salem Al Nuaimi, CEO at ADX said in a statement to the UAE's state-owned

Emirates News Agency that the ADX has captured a 50% share of the Middle East's IPO

market in 2023. This translates to 75% of the total IPOs across the GCC countries.

The exchange facilitated six IPOs with a combined value of $5.7 billion (AED 21 billion),

with three of them ranking among the top 20 globally. Al Nuaimi said that the ADX

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