Page 234 - ALEF EDUCATION PR REPORT - JUNE 2024

6/3/24, 3:07 PM Alef Education raises 1st tranche of IPO on high demand | Decypha

Alef Education raises 1st tranche of IPO on high demand

UAE – Mubasher: Alef Education Holding has increased the size of the first
tranche of its initial public offering (IPO) due to substantial investor demand.
Following approval from the UAE's Securities and Exchange Authority (SCA),
the selling shareholders, Tech Nova Investment – Sole Proprietorship, and
Kryptonite Investments, have exercised their right to increase the first tranche
offering from 112 million shares to 140 million shares, according to a press
release.
As a result, the second tranche offering has been reduced from 1.28 billion
shares to 1.26 billion shares, while the total IPO size remains unchanged.
Based on the previously announced price range of AED 1.30 to AED 1.35 per share, the first tranche offering is now valued between
AED 182 million and AED 189 million.
Following the completion of the IPO, the selling shareholders will continue to hold 68% and 12% stakes respectively in Alef
Education. Their remaining shares will be subject to a 180-day lock-up period.
The lock-up period is a predetermined amount of time following the IPO during which insiders, such as company executives,
employees, and other pre-IPO investors, are restricted from selling their shares.
Moreover, Alef Education's IPO subscription period remains unchanged, with the first tranche offer closing on 4 June 2024, and the
second tranche offer closing on 5 June.
The final offer price is expected to be announced on 6 June, and the listing on the Abu Dhabi Securities Exchange (ADX) is currently
scheduled for 12 June, subject to regulatory approvals.
In May, Alef Education Holding unveiled plans to list 1.40 billion shares, representing 20 of capital, on the main market of the ADX.

Mubasher Contribution Time: 02-Jun-2024 08:14 (GMT)
Mubasher Last Update Time: 02-Jun-2024 08:14 (GMT)

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