Page 68 - ALEF EDUCATION PR REPORT - JUNE 2024

6/13/24, 10:40 AM Abu Dhabi’s First IPO of the Year Slumps in Rare Debut Drop
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The shares fell as much as 19% from the offer price of 1.35 dirhams
apiece, before paring the decline to close 13% lower. That contrasted with

the strong demand for the stock when the IPO was unveiled — investors

put in orders worth $20 billion and the deal, which priced at the top of the
range and raised 1.89 billion dirhams ($515 million), was 39 times

oversubscribed.

“Opening up below IPO price reflects negatively on the valuation it was

sold at and the risk appetite of investors and liquidity of the market at that
point,” said Mohammed Ali Yasin, founder and chief executive officer of

Oracle Financial Consultancy and Investments. “Early investors, even if

they are long term, will not enjoy these first few sessions.”

Abu Dhabi’s first IPO of 2024 follows three busy years for offerings in the

Emirate. The 14 companies that had IPOs price since the start of 2021 saw

their shares rise by about 31% on average in the first session. That ranks
Alef Education’s debut far below average and marks the worst performance

since that year, according to data compiled by Bloomberg.

Tech Nova Investment – Sole Proprietorship LLC and Kryptonite

Investments LLC sold 1.4 billion shares, or a 20% stake, in the education

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