Page 49 - ALEF EDUCATION PR REPORT - JUNE 2024

6/14/24, 10:36 AM Alef Education shares drop 13% on first day | AGBI
The education technology company had raised AED1.9 billion ($515
million) in an initial public offering (IPO) that was 39 times over-subscribed.

The IPO was priced at AED1.35 ($0.37) a share, the upper limit of its

range. However Alef’s shares dropped to close at AED1.18 on their first
day’s trading, indicating many IPO investors sought to sell at the first

opportunity.

Alef Education to be first edtech with UAE bourse listing

Days of high returns numbered for investors in Dubai’s schools

Dubai’s Amanat moves ahead with education platform IPO

In all, 150 million Alef shares changed hands, making it the most active

stock on Abu Dhabi’s bourse on Wednesday. Combined, these trades
were worth AED183 million ($50 million).

Most Gulf companies that completed IPOs recently have
subsequently seen their market capitalisation soar, with issuers pricing

flotations adroitly to boost investor demand for their stocks after listing.

From the start of 2023 to May 23, 2024, there had been 20 Gulf IPOs that
raised at least $100 million. Combined, these sold $11.2 billion of shares.

As of that date, the share prices of 18 of these companies have increased
since listing, with one flat and another, Investcorp Capital, down 11

percent.

https://www.agbi.com/education/2024/06/alef-education-shares-drop-on-first-day/ 2/2