Page 98 - ALEF EDUCATION PR REPORT - JUNE 2024

6/13/24, 10:44 AM Alef Education Shares Fall On ADX Debut

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.”

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