Page 276 - ALEF EDUCATION PR REPORT - JUNE 2024

EFG Hermes advises on $515m IPO of Alef

Education, 1st UAE EdTech listing

Last updated: June 12, 2024 1:24 pm
Daily News Egypt
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EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA),
announced Wednesday the successful completion of its advisory role on the $515m
initial public offering (IPO) of Alef Education Holding (Alef Education) on the Abu Dhabi
Securities Exchange (ADX).
This marks the first-ever listing of an education technology company in the UAE.
EFG Hermes acted as Joint Global Coordinator and Joint Bookrunner on the
transaction, which saw Alef Education offer 20% of its total issued share capital through
the sale of 1.4 billion existing shares. The offering was priced at AED 1.35 per share,
implying a market capitalization of AED 9.45bn ($2.6bn).
The IPO attracted substantial demand from local, regional, and international investors,
with the total book covers approximately 39 times. The company’s shares began trading
today under the ticker [AlefEdT].
Mostafa Gad, Global Head of Investment Banking at EFG Hermes, emphasized the
significance of the IPO, stating, “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

https://www.dailynewsegypt.com/2024/06/12/efg-hermes-advises-on-515m-ipo-of-alef-
education-1st-uae-edtech-listing/