Page 270 - ALEF EDUCATION PR REPORT - JUNE 2024

EFG Hermes acted as Joint Global Coordinator and Joint Bookrunner on the

transaction.

Alef Education offered a total of 20 per cent of its total issued share capital through the

sale of 1.4 billion existing shares held by Tech Nova Investment – Sole Proprietorship

L.L.C and Kryptonite Investments LLC – O.P.C. at Dh1.35 per share, implying a market

capitalization of AED 9.45 billion (USD 2.6 billion).

The IPO captured overwhelming demand from local, regional, and international

investors, with the total book covered approximately 39 times. The company began

trading today under the ticker [AlefEdT].

Mostafa Gad, Global Head of Investment Banking at EFG Hermes, commented, “The
IPO of Alef Education on the ADX is a landmark achievement, marking our first Joint

Global Coordinator role on an IPO on the ADX and representing the first tech listing in

the UAE with a public offering. The overwhelming demand for Alef Education's shares

underscores the company's compelling equity story and significant growth potential, as

recognised by a diverse group of investors.

"This successful IPO is not just a testament to Alef Education's innovative approach to

digital learning but also a reflection of our steadfast commitment to supporting the

development of the UAE and the broader GCC capital markets. With this being our

tenth ECM transaction in the GCC and sixth in the UAE this year, we continue
reinforcing our dedication to fostering market growth and delivering exceptional value to

our clients. We are proud to contribute to this pivotal moment in the UAE's evolving

financial landscape, and we look forward to further opportunities that drive progress and

innovation in the region.”

Alef Education is an award-winning provider of AI-powered personalized learning

solutions and digital education resources provider across grades K-12 for governments,

https://gulfnews.com/gn-focus