Page 279 - ALEF EDUCATION PR REPORT - JUNE 2024

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

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.”

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

solutions and digital education resources for students, teachers, and schools across

grades K-12. The company has a proven track record of enhancing student

performance and serves 1.1 million students, 50,000 teachers, and 7,000 schools as of

2023.

With consistent profitability, a strong balance sheet, and long-term contracts, Alef

Education is well-positioned for future growth. The company operates in the UAE,

Indonesia, and the US, employing both organic and inorganic growth strategies to

capitalize on the expanding EdTech sector.

This IPO is the latest in a series of landmark transactions advised by EFG Hermes in
the GCC region. The investment banking division has been involved in 10 ECM deals in

2024 so far, including the private placement of Beyout Investment Group (BIG) on

Boursa Kuwait and the secondary public offering of Saudi Aramco on the Saudi

Exchange.

https://menafn.com/1108325313/EFG-Hermes-Advises-On-515M-IPO-Of-Alef-Education-1St-UAE-
Edtech-Listing