Page 271 - ALEF EDUCATION PR REPORT - JUNE 2024

primary and secondary schools, educators, students, and their parents in the UAE and

globally. Alef Education has successfully enhanced student performance, evidenced by

an average 8.5 per cent score increase across Arabic and Math in Indonesia.

Serving 1.1 million students, 50,000 teachers, and 7,000 schools as of 2023, it boasts

consistent profitability, with a 62 per cent average adjusted EBITDA margin (2021-

2023), a strong balance sheet, and long-term contracts ensuring revenue stability. Key
partnerships, like the long-standing contract with Abu Dhabi's ADEK, secure predictable

revenue for seven years. Operating in the UAE, Indonesia, and the US, the company

employs both organic and inorganic growth strategies to capitalize on the growing

EdTech sector, driven by an experienced management team committed to post-IPO

growth and shareholder value.

This is the latest in a series of landmark deals that EFG Hermes has advised on in the

GCC region over the years, including 10 ECM deals in 2024 so far including Alef. Most

recently, the investment banking division advised on the private placement of Beyout

Investment Group (BIG) on Boursa Kuwait as joint global coordinator and joint

bookrunner for the listing, following acting as joint bookrunner on the fully marketed
secondary public offering of Saudi Aramco on the Saudi Exchange. The team also

recently worked as a joint financial advisor, bookrunner, and Underwriter on Miahona’s
IPO with oversubscription for institutional tranche 178.3 times, in addition to acting as

joint bookrunner and underwriter on the IPO of healthcare provider Fakeeh Care Group

on the Saudi Exchange, with the total book covered almost 119 times which followed

the firm’s role in the Accelerated Equity Offering for ADNOC Drilling as a Joint Global
Coordinator and Joint Bookrunner for.

Furthermore, the Firm has acted as a joint bookrunner on the IPO of Spinneys, an

operator of premium grocery retail supermarkets, on the Dubai Financial Market (DFM),

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