Page 283 - ALEF EDUCATION PR REPORT - JUNE 2024

6/19/24, 4:53 PM EFG Hermes Successfully Completes Advisory Services for the $515 Million IPO of Alef Education Holding on the Abu Dhabi Securi…
The company successfully improved students’ proficiency in Arabic and mathematics in Indonesia, increasing
scores by 8.5%.

In 2023, more than 1.1 million students and 50,000 teachers in 7,000 schools benefited from the company’s

educational services and solutions.

The positive impact of the company’s long-term and perpetual contracts with clients has resulted in strong

financial performance in terms of revenue and profits, with an average adjusted EBITDA margin of 62%
between 2021 and 2023.

Additionally, the company signed a long-term agreement with the Abu Dhabi Department of Education and
Knowledge, providing clear visibility on revenue expectations for the next seven years.

Alef operates in the UAE, Indonesia, and the United States, adopting diverse growth strategies through both

organic growth and mergers and acquisitions to capitalize on promising opportunities in the education
technology sector, driven by the company’s prudent management vision, which contributes to continued

growth and prosperity, enhancing shareholder value.

It is noteworthy that this transaction extends a series of prominent deals that EFG Hermes has successfully

completed over the past years in the GCC markets, including completing ten capital market transactions in
2024 alone, encompassing the IPO of Alef Education.

Recently, the company acted as joint global coordinator and joint bookrunner for the private placement of BIG

Investment Group on the Kuwait Stock Exchange and as bookrunner for the fully marketed secondary public
offering of Saudi Aramco on the Saudi Exchange.

Additionally, the company was the financial advisor, bookrunner, and joint underwriter for the IPO of
Miyahuna on the Saudi Stock Exchange, which was 178.3 times oversubscribed.

It also served as bookrunner and underwriter for the IPO of Fakeeh Care Group on the Saudi Stock Exchange,
which was 119 times oversubscribed.

EFG Hermes was joint global coordinator and joint bookrunner for the accelerated bookbuild offering of

ADNOC Drilling, and it acted as bookrunner for the IPO of Spinneys, a leading retail and supermarket chain,
on the Dubai Financial Market, which was 64 times oversubscribed, in addition to the IPO of Barkin on the

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