Page 76 - ALEF EDUCATION PR REPORT - JUNE 2024

GMT and at the bottom of Abu Dhabi's benchmark index. They closed at Dh1.18, down
12.59 per cent for the day.

The award-winning AI-powered learning solutions provider based began trading under
the ticker symbol “AlefEdT”.

Abdulhamid Mohammed Saeed Alahmadi, chairman of Alef Education’s Board of
Directors, and Geoffrey Alphonso, chief executive officer of Alef Education, rang the
market opening bell the official listing ceremony in the presence of Ghannam Butti

Almazrouei, ADX’s chairman and Abdulla Salem Alnuaimi, ADX’s chief executive
officer. The ceremony was also attended by the Alef Education board, alongside senior
executives of both Alef Education and the ADX.

Alef Education shares began trading following the successful public offering, which
raised Dh1.89 billion through the sale of 1.4 billion shares, or 20 per cent of the
company. At the time of listing, the Group's market capitalisation was Dh9.45 billion.

The Group’s IPO met with robust demand from investors. The offering was 39 times
oversubscribed, even after the retail tranche was increased from 8.0 per cent to 10 per
cent.

“We are very pleased to be the first EdTech company to list in the UAE, which will help
facilitate investor access to a promising new economy industry. The rapid success of
Alef Education also reflects the environment the Abu Dhabi government has created to
nurture tech startups and to support their capital markets journeys,” said Alahmadi.

Alphonso said the robust demand for shares of Alef Education is a vote of confidence in

the Company’s strong fundamentals and attractive growth prospects. “The group’s
robust financial position and capacity to raise capital position it well to take advantage of
growth opportunities and continue maximising shareholder value. As an established
EdTech player with a strong track record of success across its countries of operation,
including the UAE, Indonesia, the US, and Morocco, Alef Education stands to benefit
from further scale as a market leader.”

The company said it intends to pay a target minimum dividend amount to investors
equivalent to an annualised dividend of Dh135 million relating to its performance for the
financial years ending 31 December 2024 and 2025.

https://www.khaleejtimes.com/business/markets/alef-education-shares-fall-on-adx-debut