Page 79 - ALEF EDUCATION PR REPORT - JUNE 2024

6/13/24, 10:42 AM Alef Education shares slump on ADX trading debut
Shares in Alef Education, a UAE-based education technology company,
slumped on the first day of its trading on the Abu Dhabi Securities Exchange,

on Wednesday, bucking the trend of trading debut surges recorded in recent
listings on the UAE equities markets.

The stock, which opened flat, dropped by Dh1.11 ($0.3022) per share, or almost
18 per cent, during early trading, compared with its initial public offering price

of Dh1.35.

It recovered some ground and closed 12.6 per cent lower at Dh1.18 per share.
Trading under the symbol “ALEFEDT”, it was the biggest loser on the ADX and
the most traded stock on the bourse on Wednesday.

This drop in the company’s shares contrasts
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with strong demand for new listings on the
Alef Education plans to list 20% of
shares in Abu Dhabi IPO UAE bourses.

Spinneys IPO: Retailer increases Shares of Agility Global, a unit of regional
retail o ering on higher demand logistics major Agility, nearly quadrupled in

value after the company began trading on the
ADX on May 2.

The drop is also in contrast to the sharp demand for the IPO, in which, Tech
Nova Investment and Kryptonite Investments, the selling shareholders, offered

1.4 billion shares, or 20 per cent of the company's issued share capital.

Alef raised Dh1.89 billion after the IPO priced at the top of the range, implying
a market capitalisation of Dh9.45 billion at open.

The public offering to retail and institutional investors was 39 times
subscribed by investors receiving $20 billion in order, the company said on

Wednesday.

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“The robust demand for shares of Alef Education is a vote of confidence in the
company’s strong fundamentals and attractive growth prospects,” Geoffrey
Alphonso, chief executive of Alef Education, said.

“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.”

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