Page 93 - ALEF EDUCATION PR REPORT - JUNE 2024

6/13/24, 10:44 AM Alef Education Shares Down 18% In Abu Dhabi Market Debut
18%.

It is worth noting that recent IPOs of UAE firms started trading with huge listing gains.

The IPO subscription period was between May 28 and June 4 for individual investors and up
to June 5 for professional investors.

Alef offered 1.4 billion shares, equivalent to 20% of its paid-up capital. Shares were sold by

Tech Nova Investment-Sole Proprietorship and Kryptonite Investments.

EFG Hermes acted as Joint Global Coordinator and Joint Bookrunner on the transaction.

The investment bank said that the IPO attracted an overwhelming demand from local,

regional, and international investors, with an oversubscription of about 39 times.

Alef Education has over 1.1 million registered students and is present in 7,000 schools in

various locations, including the UAE, the US, Indonesia, and Morocco.

IPO scene

The Middle East and North Africa (MENA) region witnessed 10 share offerings in the first

quarter of 2024 for raising $1.2 billion, with the IPOs limited to Saudi Arabia and the UAE

markets.

In March, Dubai’s Parkin, which oversees public parking operations in the emirate, raised

$429 million (AED 1.6 billion) in a heavily oversubscribed IPO.

Moreover, supermarket chain Spinneys 1961 Holding Plc raised $373.7 million (AED 1.38

billion) in an IPO earlier in May.

Big number

The global education sector is projected to see an expenditure of $10 trillion over the next

decade, with edtech firms expected to play a critical role in this market, according to the

World Economic Forum (WEF), in February.

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