Page 90 - ALEF EDUCATION PR REPORT - JUNE 2024

6/13/24, 10:43 AM Alef Education begins trading on ADX after successful $514 million IPO
Alef Education begins trading on ADX after successful $514 million IPO
Alef Education's market capitalization reached $2.56 billion at the time of

listing

The company's shares began trading following its successful initial public offering, which raised AED1.89
billion ($514 million) through the sale of 1.4 billion shares (Image: WAM)
Alef Education Holding shares commenced trading on the Abu Dhabi Securities
Exchange (ADX) today. This makes it the first ed-tech company on the ADX and the

first company to go public on the exchange in 2024.
The company’s shares began trading following its successful initial public offering,
which raised AED1.89 billion ($514 million) through the sale of 1.4 billion shares,
equivalent to 20 percent of the company, at AED1.35 per share.

At the time of listing, the company’s market capitalization reached AED9.45 billion
($2.56 billion). The IPO saw robust demand from investors with an oversubscription
of 39 times. This came after the company’s retail tranche increased from 8 percent to

10 percent.
Abdulhamid Mohammed Saeed Alahmadi, chairman of Alef Education’s board of
directors, and Geoffrey Alphonso, CEO of Alef Education, rang the market opening
bell at today’s official listing ceremony. Ghannam Butti Al Mazrouei, ADX’s

chairman, and Abdulla Salem Al Nuaimi, ADX’s CEO, also attended the ceremony
alongside senior executives from both Alef Education and the ADX.

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