Page 235 - ALEF EDUCATION PR REPORT - JUNE 2024

Alef Education raises 1st tranche of IPO on high

demand

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02 June 2024 12:14 PM

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.

https://english.mubasher.info/news/4298426/Alef-Education-raises-1st-tranche-of-IPO-on-high-
demand/