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6/19/24, 4:48 PM EFG Hermes completes advisory on $515mln IPO of Alef Education Holding on the Abu Dhabi Securities Exchange

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Mostafa Gad, Global Head of Investment Banking at EFG Hermes. Image Courtesy: EFG Hermes
FINANCIAL SERVICES
EFG Hermes completes advisory on $515mln IPO of Alef Education Holding on
the Abu Dhabi Securities Exchange

The IPO marks the first-ever education technology company IPO listed in the UAE
Press Release

June 12, 2024
Abu Dhabi: EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its
investment banking division successfully completed its advisory on the USD 515 million initial public offering (IPO) of Alef Education Holding (Alef Education),
an award-winning AI-powered learning solutions provider based in Abu Dhabi, on the Abu Dhabi Securities Exchange (ADX). EFG Hermes acted as Joint
Global Coordinator and Joint Bookrunner on the transaction.

Alef Education offered a total of 20% 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 L.L.C. – O.P.C. at AED 1.35 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 recognized 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.”

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