Page 84 - ALEF EDUCATION PR REPORT - JUNE 2024

6/13/24, 10:42 AM Alef Education Holding lists on the Abu Dhabi Securities Exchange and starts trading

H.E. 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 at today’s official listing ceremony in the presence of H.E. 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
AED 1.89 billion through the sale of 1.4 billion shares, or 20% of the Company, at AED

1.35 per share. At the time of listing, the Group's market capitalisation was AED 9.45
billion.

The Group’s IPO met with robust demand from investors. The Offering was 39x

oversubscribed, even after the retail tranche was increased from 8% to 10%.

H.E. Abdulhamid Mohammed Saeed Alahmadi, Chairman of Alef Education’s Board of

Directors, said: “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. Education
is a cornerstone of societal and economic advancement, and Alef Education is proud to be

creating innovative artificial intelligence solutions that help improve academic outcomes at
a time of widening educational gaps worldwide. 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.”

Geoffrey Alphonso, Chief Executive Officer of Alef Education, commented: “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

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